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
It’s advised that everyone review their local and state rent-reporting and tenant-communication regulations to ensure compliance.
FAQ About RentReporters by Rentec Direct Landlords and Property Managers
Rentec Direct allows landlords and property managers to automatically report their residents' on-time and late rent payments, as well as 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.
If the tenant has an issue with something they see on their credit report, they are always welcome to reach out to RentReporters directly, and they will investigate. RentReporter can be contacted via chat or by using the links on their website, or by calling 626-737-3100.
Q) How to activate RentReporters in Rentec Direct?
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 settings.
Q) How much does RentReporters cost?
The option of offering RentReporters to renters is included with all Rentec Direct PM and Pro accounts at no additional cost. (Renters will be required to pay a small fee)
Q) Does RentReporter report late payments?
RentReporter reports both late and on-time rent payments.
Q) What do I have to do?
Rentec Direct does the work for you. When renters sign up with RentReporter, their rent payment history is automatically sent to RentReporter monthly for submission to Equifax, TransUnion, and Experian.
Q) How can I tell my tenants about RentReporters?
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?
RentReporters reports rent payment history to all three credit bureaus: Equifax, Experian, and TransUnion
Q) Will RentReporters help increase credit scores?
Reporting rent payments generally strengthens a credit score and enhances a credit profile.
Q) What if you don't have a credit score?
Even those who currently don't have a credit score may see their credit score improve by reporting their rent.
Q) How much does it cost?
The monthly cost per renter is $10.95 per month ($10/mo in California)
Note: Because Rentec Direct integrates with RentReporters, the initial signup fee is waived when tenants apply through their Rentec Direct tenant portal, saving nearly $100.00.
Q) How do renters sign up?
Once the Tenant Portal option to Allow tenants to activate credit reporting is set to Yes, renters can click on the More Info link in the Tenant Portal and follow the prompts.
Q) How long does it take for credit to be affected?
Once enrolled, renters can expect their credit to be updated in as little as 10 days.
Q) Are renters locked into a contract?
There are no contracts, and renters can cancel any time directly through their RentReporters account. If an account is cancelled, there is a 6-month waiting period to reapply.