Rental payment histories may count in credit scores

NEW YORK – July 2, 2014 – Renters who have never made a late rent payment often find that their stellar record doesn’t do anything to lift their credit scores when it’s time to shop for a mortgage. But that may soon change: Two of the main credit reporting agencies, Experian and TransUnion, are reportedly starting to incorporate verified rental payment data into credit files and using it as part of a consumers’ credit score.

“At a time when record numbers of first-time buyers are missing in action in the home-purchase market – many of them in part because their credit scores don’t make the grade – the non-reporting of key credit records is costly to them and the economy as a whole,” The Columbus Dispatch reports.

Read on.

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