Rent reporting may be a solution if you want to build your credit score but don't qualify for a line of credit. Companies like RentReporters report on-time rent payments to the credit bureaus, which can improve your credit score.
Business Insider's personal finance team compared RentReporters to the best rent reporting services and found it to be a standout for fast rent reporting and quickly boosting credit. However, its plans are costly compared to those of its competitors. Read on to see if RentReporters can help you build credit.
$94.95 one-time fee + $9.95 monthly or $94.50 annually
- Roommates and spouses get a $50 discount on signup fee
- Guaranteed full refund within 7 days of updated credit score
- Reports up to 24 months of rent payments at prior lease
- Hefty signup fee
- Roommates and spouses get a $50 discount on signup fee
- Guaranteed full refund within 7 days of updated credit score
- Only reports to Equifax and TransUnion
- Offers 24 months of rent history
- Initial sign up fee of $94.95
- Monthly fee of $9.95
Overview of RentReporters
What is RentReporters?
Founded in 2015, RentReporters is a fintech company based in Pasadena, California. RentReporters stands out for offering features that boost your credit score immediately.
You can report up to 48 months of your rent by submitting on-time payments from your current and previous landlord. And with its VIP service, you can have up to 24 months of past rent reported in three to five days. These services are convenient if you need a quick boost to your credit score right before applying for an apartment or a loan.
RentReporters reports your payments to all three of the major credit bureaus, which can be helpful in improving your credit score.
User Reviews and Ratings
RentReporters earned a 2.5 out of five from six reviewers on Trustpilot and an average of 4.47 stars out of five from 146 reviews on the Better Business Bureau (BBB).
Many users have noted noticeable improvements in their credit scores and praised its pain-free setup process. In contrast, users discuss difficulty getting a refund and instances of inaccurate rent reporting.
RentReporters Features and Services
The following are services offered by RentReporters:
- Ongoing rent reporting — Verifies and reports your rent payments on a monthly basis
- Retroactive rent reporting — Reports past rent payments up to 24 months old at your current rental
- Additional landlord — Reports past payments up to 24 months old at your previous rental
- VIP expedited reporting — Reports 24 months of past rental payments in three to five days
How RentReporters Works
If you're interested in RentReporters, here's how to get started:
- Sign up — Provide your Social Security number, date of birth, address, and landlord's contact information.
- Add your bank account — Connect the bank account that you pay rent on to your RentReporters account. Rent payments from your property management's billing portal and third-party payment services like Venmo or Cash App are acceptable. The company may also verify and report rent payments made by check or cash.
- Rental verification — RentReporters will contact your landlord to verify your tenancy and rental payments. It's worth noting that if your landlord refuses to cooperate, RentReporters won't refund you.
- Rent reporting — After verifying your rental payments, it will be reported to TransUnion and Equifax. Your rent payments will appear on your credit report as an "RR/Residence" trade line.
- Ongoing reporting — As long as your subscription is active, RentReporters will verify and submit your positive rental payments to the credit bureaus.
RentReporters Pricing and Plans
RentReporters offers monthly and annual memberships with past rental reporting included in its price. You must pay an upfront enrollment fee to subscribe to either plan. RentReporters costs $94.95 one-time fee + $9.95 monthly or $94.50 annually.
You can upgrade your subscription by adding the following features.
- One-time additional landlord fee: $50
- Roommate or spouse discount: $50 enrollment fee for the additional person
- Expedited reporting: $25 with the monthly plan, included in the annual plan
You're looking at about $200 a year when you opt into its monthly plan or its annual plan without add-ons. RentReporters rates for the standard services are costly compared to its competitors.
Fortunately, Rent Reporters offers a seven-day money-back guarantee. If you're not happy with the initial results, you have seven days from the day you receive your credit score update to ask for a refund. Be aware that RentReporters will remove the rent reporting entry from your file once it issues a refund.
RentReporters vs. Competitors
RentReporters is relatively expensive compared to its competitors, with a significant setup fee and relatively high monthly fee. RentReporters offers a discount for roommates and spouses who want to join, but even the discounted price is more expensive than alternative rent reporting services.
RentReporters vs. Boom
Like RentReporters, we consider Boom to be one of the best rent reporting services available. At $3 per month with an initial $10 fee, the service is far cheaper than RentReporters, and it reports to all three credit bureaus.
Boom offers up to 24 months of retroactive rent reporting for a one-time $25 fee, a service that RentReporters includes at no additional cost. However, its additional landlord service costs $50.
Boom's simplicity and its low cost beat RentReporters handily. However, Boom Pay's rent reporting takes at least 10 days to show up on your credit report. If you need a boost to your credit score quicker than that, RentReporters' expedited reporting may be a better option.
Read our Boom review.
RentReporters vs. Self Rent Reporting
Self Rent Reporting is a rent reporting service operated by Self, which also operates the Self credit builder loan. Its basic plan, which offers rent reporting to all three credit bureaus, is completely free of charge — no monthly fees or setup fees. This is already a much better deal than RentReporters, which charges a monthly fee and hefty setup fee for basic rent reporting to just two credit bureaus.
Self costs $0-$6.95 monthly + optional $49.95 fee for retroactive reporting. It also offers a premium subscription that reports utility payments, though that information only goes to TransUnion. This premium service is still cheaper than RentReporter's basic plan.
Both services offer retroactive rent reporting. RentReporters offers to report the past 24 months at your current lease at no extra cost, while LevelCredit charges a one-time fee for the same service. However, RentReporters also offers to report 24 months of rent payments for your previous address for an additional fee.
As far as price is concerned, Self is a better deal than RentReporters. However, RentReporters' additional landlord option and its VIP option give it a niche advantage if you're looking for a near-instant boost to your credit report.
Read our Self rent reporting review.
Is RentReporters Worth It?
Whether a rent reporting service is worth it depends on your credit-building needs. RentReporters' drawback is its steep price tag. But if you want an immediate score increase, RentReporter's 48-month past reporting may appeal to you.
There are other ways to build your credit file besides rent reporting. For example, you can use a traditional line of credit, a secured credit card, or a credit builder loan.
RentReporters also has the same problems as all rent reporting services, which is that reported rent doesn't affect your FICO 8 credit scores, one of the most popular credit scoring models among lenders.
Frequently Asked Questions About RentReporters
RentReporters shows up on your credit report as a trade line or credit account entry called "RR/Residence." It will appear as a monthly revolving trade line set to the amount of rent you pay each month. As long as you pay your rent on time, your trade line balance will be at $0.
RentReporters costs a $94.95 one-time fee + $9.95 monthly or $94.50 annually.
RentReporters is effective in helping users improve their credit scores by reporting consistent on-time rent payments. Notably, it is one of the quickest rent reporting services you can use.
Yes, RentReporters is easy to use, with a user-friendly interface and easy-to-navigate features.
You can cancel your RentReporters account anytime through a phone call to its customer service line at (626)-737-6100, via an email to cancellations@rentreporters.com with the subject line "Cancel My Account," or through its live chat located in the "Contact Us" tab on the website.
How We Reviewed RentReporters
To review RentReporters, we assessed the amount of value provided for its cost. Standout companies report to all three credit bureaus and offer unique credit-building features like retroactive rent reporting, additional landlord rent reporting, and roommate/spouse discounts.
Top rent reporting companies also deliver a money-back guarantee and quality customer service. We relied on online, reputable review sites, customer testimonials, and the company's official statements to gather information.
