Helping Tenant Improve Credit
Hi,
I have a former tenant that would like to buy a house. Currently this person has almost no credit history. He has never had a credit card and has never had a loan. He had a couple of outstanding gas and electric bills that are now paid. ...but he pretty much pays all his bills on time (never had a late rent payment).
The problem is his credit score shows up as "no score insuffiecient credit history". I'm thinking about doing a lease option with this person, and trying to help him improve his score. I have told him to go get a credit card with a $500 limit linked to his savings account to get started with some type of credit. However, I'm also wondering if there is a way I can submit something to the credit bureaus saying that he always paid rent on time to get something positive on his report. Does anybody know of a way that a landlord improve a tenants credit score?
Thanks,
Keith