Integrated Features | RentReporters
Tenants and co-tenants may improve their credit scores by simply paying rent on time with the integration of RentReporters and Rentec Direct.
This article reviews:
A new law in California requires landlords to offer rent payment credit reporting to tenants and additional communication requirements. Be sure to check your local guidelines for changes to rent reporting requirements and update rental agreements, leases, and annual offers accordingly.
| Read the Bill: California AB 2747 Tenancy: Credit Reporting Requirements
FAQ About RentReporters by Rentec Direct Landlords and Property Managers
Rentec Direct allows landlords and property managers to automatically report their residents' on-time rent payments and up to 2 years of rent payment history to major credit bureaus. This helps tenants improve their credit score by an average of 40 points.
Q) How to activate RentReporters in Rentec Direct?
A) RentReporters is available to renters through their tenant portal by default.
Note: If renters do not see the link to report their rent, the Program Default may have been turned off. Follow the steps in Getting Started with RentReporters to update the setting.
Q) How much does RentReporters cost?
A) RentReporters is included with all Rentec Direct PM and Pro accounts at no additional cost. (Renters will be required to pay a small fee)
Q) What do I have to do?
A) Rentec Direct does the work for you. When renters have signed up with RentReporter, rent payment history is automatically sent to RentReporters monthly to be submitted to Equifax, Transunion, and Experian.
Q) How can I tell my tenants about RentReporters?
A) Rentec Direct provides several ways for you to inform tenants about RentReporters:
- Include the information in Marketing Your Rental Through Online Listings
- Add information to your Rentec Direct enhanced website
- Add information to the Tenant Welcome Letter
- Use the printable and shareable materials in Tenant Resources for Rentec Direct Clients
FAQ About RentReporters by Renters
Q) What does RentReporters do?
A) RentReporters reports your rent payment history to all three credit bureaus: Equifax, Experian, and TransUnion
Q) Will RentReporters help increase your credit score?
A) Reporting rent payments generally strengthens your credit score and enhances your credit profile.
Q) What if you don't have a credit score?
A) If you don't have a credit score, expect that to change. Even those that currently don't have a credit score may see an improvement by reporting their rent.
Q) How much does it cost?
A) The monthly cost is $10.95 per month ($10/mo in California)
Note: Because of Rentec Direct's integration with RentReporters the initial signup fee is waived when tenants apply through their Rentec Direct tenant portal (a savings of nearly $100.00!!
Q) How do I sign up?
A) Click on the More Info link in your Tenant Portal and follow the prompts. If you don't see the link, be sure to let your landlord or property manager know.
Q) How long does it take for my credit to be affected?
A) Once you enroll, expect your credit report to be updated in as little as 10 days.
Q) Am I locked into a contract or can I cancel at any time?
A) There are no contracts and you can cancel any time directly through your RentReporters account. If an account is cancelled, there is a 6 month waiting period to reapply.