Could this help you increase your on-time rent payments?

[Andy Bauman]

I was reviewing a document online here and it talks about how the newest version of the FICO score factors in rent payments into a person's credit history.  From what I can see this new version of the FICO score was released in April 2019, found here.

From the document:

"
Rental history, when it’s reported, factors into FICO® Score 9. By
taking a more comprehensive view of your credit history, FICO®
Score 9 evaluates your creditworthiness even more fairly
"

So those of you collecting rent payment may want to share this booklet with your new tenants and stress upon them that you will be reporting their payment history to FICO and it can either be a good thing for them or a bad thing for them.

In case you are curious, here is an article on how to report rent to FICO.

Hope it helps someone!

[John Underwood]

@Andy Bauman Great information!

I was going to ask how to do this but you already had a link for it.

Thanks!

[Andy Bauman]

@John Underwood - I'll be curious to see how you implement this into your tenant on boarding and if the tenants care one way or the other.

[John Underwood]

Originally posted by @Andy Bauman:

@John Underwood - I'll be curious to see how you implement this into your tenant on boarding and if the tenants care one way or the other.

 I already have this in my lease that payment history may be reported to the credit beuruas. I've just never done it so far.

[Jennifer Rysdam]

It seems like more of a service for the tenants than landlords. THEY can sign up to have the good rental history reported to their credit. If someone isn't paying then they probably wouldn't sign up for it.