How Paying Rent Can Boost Your Credit Score

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rent credit scoreNumbers can drive you nuts. Some folks don't like the digits that reveal their ages, others get frustrated by the ones that make up their bank balances. Some parents can't figure out the "new math," and some of us are still a little shaky on the old math. But one number nearly everyone would agree they'd like to raise is their credit score.

In these times when credit is still tight, money is short, and jobs are hard to come by, the benchmark of your credit score carries more weight than ever.

In a sense, your credit score is a crystal ball that's meant to reveal your character, and building a credit history is key to making that picture clear. Traditionally, that meant taking on debt that you could then pay off, like a mortgage, car loan or credit cards. But in terms of your credit history, paying your rent on time meant nothing.
Now, there's an option for the nation's more than 100 million renters -- the newly launched RentReporters.com, which verifies your rent payments with your landlord and securely provides the information to Payment Reporting Builds Credit, which then can be included in a FICO Expansion Score.

Experian announced earlier this year that it would accept rent payment data as a traditional credit item on its national credit reports.

"Having been where many of our customers are now, I know firsthand the economic circumstances that can result in a poor credit score," said Crispin Luna IV, founder and president of RentReporters.com, in a prepared statement. "RentReporters.com allows essentially every renter in the U.S. to take one step closer to homeownership and leverage their rental payments towards a better credit profile."

Read the full story on DailyFinance.

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How Paying Rent Can Boost Your Credit Score

Location: Kansas City, Kan.
Price: $9,500
Beds/Baths: 2/1
Sq. Ft.: 966

This 966-square-foot gable-roofed box offers two bedrooms and one bathroom. Also part of the deal is a "very functional kitchen," according to the description. It "really wouldn't take much to get this home move-in ready." View the listing -- which has 11 photos -- here.  

Location: Garfield Heights, Ohio
Price: $9,900
Beds/Baths: 3/1
Sq. Ft.: N/A

You get three bedrooms, one bathroom, a covered porch -- even an attic dormer. This modest foursquare, built in 1920, is more put-together than you'd think for the price.

Location: Birmingham, Ala.
Price: $9,000
Beds/Baths: 2/1
Sq. Ft.: N/A

Two bedrooms, one bathroom and a patch of lawn in Birmingham, Ala., for $9,000. For more photos and details, see the listing

Location: South Bend, Ind. 
Price: $10,000
Beds/Baths: 3/2
Sq. Ft.: 2,000

The facade -- which includes a covered brick porch -- is presentable and the space, at 2,000 square feet, is generous. So how the heck does this home in South Bend, Ind., cost only 10 large? Well, the interior could use some work, as the listing photos show. But the other specs on this house still make it quite a deal. 

Location: Cincinnati, Ohio
Price: $9,000
Beds/Baths: 3/2
Sq. Ft.: 1,689

Cincinnati is another city that ranks high on the sub-$10,000 inventory list. This modest midcentury dwelling clocks in at 1,689 square feet, with three bedrooms and two baths. 

Location: Birmingham, Ala.  
Price: $8,500
Beds/Baths: 3/1
Sq Ft: N/A

This foreclosed three-bedroom in Birmingham is going for $8,500. The interior looks surprisingly clean and well-finished

Location: Montgomery, Ala. 
Price: $9,900
Beds/Baths: 3/1
Sq. Ft.: 1,301

Pay only $9,900 and you get three bedrooms, one bathroom and 1,301 total square feet for this puppy. Behind its light-blue exterior things are perfectly passable

Location: Boise, Idaho
Price: $7,500
Beds/Baths: 2/2
Sq. Ft.: 915

Another foreclosure, this condo asks only $7,500 but gives you two bedrooms, two bathrooms and your very own carport. We're looking at a measly $8 per square foot!

Location: Detroit, Mich.
Price: $9,900
Beds/Baths: 4/2
Sq Ft: 1,036

Built in 1935, this home is running for a price that belongs in the era of its style's heyday. 

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