Better Ask Barry: Are rent payments part of my credit score?

If you’re trying to improve your credit score, don’t overlook your monthly rent.

Rent is one of the largest bills you pay every month.

But unlike credit card payments, your rental history is not routinely reported to the credit bureaus and entered in your credit report.

That is starting to change, and for some, it can help raise your credit score.

The first step is to make sure the big three credit bureaus receive your rental payment reports.

Begin by talking to your landlord. A property manager can report rental payments directly to Experian, for example, using Experian RentBureau. The information is then included in your Experian credit report.

All three major credit bureaus, Experian, Equifax, and TransUnion will include rent payment information if they receive it.

Unfortunately, the bureaus don’t share information with each other, so you may have to set up three separate reports.

You might consider using one of several rent reporting services, like RentTrack, ERentPayment, or PayYourRent. Essentially, you pay them to pay your rent and report your rent payments to the credit bureaus. There are usually enrollment and monthly fees attached.

FICO 9 credit scores, along with its competitor VantageScore, now reflect rental information.

Those who are new to credit will probably benefit the most.

In 2017, a study of 12,000 renters who reported their payments found their credit scores rose an average of 16 points in six months.

The largest increase was for scores below 620.