Build Credit
Establishing or maintaining a good credit history has never been as important as it is today. It's not just that you'll need good credit to get decent rates when you're ready to buy a home, your credit history /
credit score can determine;
- The interest rate and terms of a car loan
- The interest rate of a credit card
- Your ability to get a good job
- a deal on your cell phone
- reasonable rates on insurance
- terms and / or access to certain rental properties
When applying for credit, or services where you are obligated to > > > > read more
Build Credit
Building credit can be a daunting task and could have a long term negative impact if done improperly. By subscribing to and using the Renter’s Credit process, you can successfully build a good credit history. Renter’s Credit uses your
alternative credit source, monthly rent payments, to build your credit file so you don’t have to use high interest rate credit cards or personal loans.
We make it simple and efficient by providing you the ability to automate your rental payment.
Before you subscribe to Renter’s Credit, it will help if you understand > > > > read more
What is a Credit Score (FICO / BEACON)?
Credit bureau scores are often called “FICO scores” because most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company. FICO scores are provided to lenders by the major credit reporting agencies.
FICO scores provide the best guide to future risk based solely on credit report data. The higher the credit score, the lower the risk. But no score says whether a specific individual will be a “good” or “bad” customer. And while many lenders use FICO scores to help them make lending decisions, each lender has its own strategy, including the level of risk it finds acceptable for a given credit product. There is no single “cutoff score” used by all lenders and there are many additional factors that lenders use to determine your actual interest rates.
What is alternative credit?
Despite the vast accomplishments of the American credit system, approximately 35 million to 54 million Americans remain outside the credit mainstream. These individuals are unable to access credit, or credit at competitive rates, because of the lack of traditional information, such as mortgage and credit card payments, available on their credit files. However, the recent report by the Political Economic Research Council and Brookings' Urban Markets Initiative "Give Credit Where Credit is Due" provides evidence that the inclusion of alternative data on credit-like payments, such as rent and utility payments, in credit reporting can help bridge this information gap. The first step toward filling this gap requires a systematic report of data to the major credit bureaus.
"Alternative" or "nontraditional" data includes payment obligations such as rent (Renter’s Credit Process), gas, electric, insurance, and other recurring obligations, to evaluate the risk profile of a potential borrower. The use of alternative data in consumer (and commercial) credit reports can close an information gap that has negatively affected the lives of millions of thin-file and unscoreable Americans who reside in urban areas and elsewhere.