Buildium will automatically report your residents’ on-time payment activity to all three major credit bureaus—Equifax, Experian and TransUnion—every month*.
We encourage you to continue to build trust and access to further credit by improving your credit score.
By rewarding on-time rent, you can start rebuilding your credit. It happens to the best of us and now there is a help!
It’s an optional, fee-based service that you can easily sign up and pay for through Buildium Resident Center. Each month, Rent Reporting will automatically report your rent payment activity to the 3 major credit bureaus (Equifax®, Experian®, and TransUnion®) to help you generate credit worthiness activity.
Your credit is important to your immediate and future needs and you should be rewarded for all the on-time payments you make. You may not know that not all your credit worthy payments and interactions are reported to credit bureaus. Payments you make for items such as your mobile phone, utilities, and rent, are not reported. That means you’re not getting credit for your positive financial habits.
With Rent Reporting, powered by Buildium, you can ensure your rent payments and rent payment history are directly reported to the credit bureaus.
Follow these steps to sign up for Rent Reporting:
Monthly: We will begin reporting rent payments on a month-to-month basis, starting with the month in which you sign up. This option is paid monthly and is recommended for those who either only want to report their rent payment history going forward or for those who have a lease term for less than eight months.
Yes! Each individual on the lease can choose to have their rent reported—though each individual who would like to have their rent reported will need their own Rent Reporting subscription. It’s worth noting that all individuals on a lease are responsible for the total rent obligation.
Not at this time. The reporting of rent payments will initially be available only for current leases.
For the purposes of credit reporting, rent payments are considered on-time as long as they are made within 30 days of the due date stated in your lease. However, it’s important to note that this may differ from any sort of policy in your lease with regard to late fees or other penalties, and you will still be subject to these policies as stated in your lease terms.
Currently, your Rent Reporting subscription is tied to your current lease.
If you selected the monthly package, Rent Reporting will automatically continue if you renew with the same lease.
Your Rent Reporting subscription will not renew if:
In those cases, if you’d like to continue reporting your rent payments using Rent Reporting, you’ll want to sign up again at the start of your new lease term.
In the My account menu, select Rent Reporting and under Subscription details, select Cancel subscription. Once you cancel your subscription, you cannot re-subscribe to the same subscription. Select, Yes, cancel.
Please note that some areas may prohibit you from signing up for rent reporting again within a specified time frame if you cancel in the middle of a lease.
Refunds are not available for previously reported rental history records or for Lease Term subscriptions. If you’re on a Monthly Subscription and either cancel or end your lease early, you will not be billed for subsequent months.
Depending on the credit bureau, the response time might vary. However, once submitted, if the bureau chooses to incorporate it, rent payment history may be reflected on a credit report in as little as 30 days.
If you notice that something about your reported rent payments doesn’t look accurate to you, you’ll want to file a formal dispute with the credit bureau which reported the inaccuracy.
If you need additional help with what to do next, you can contact Rent Reporting support at rentreporting@residentcenter.buildium.com.
1 Alternative Data Such as Rent Payment Reporting Bridges the Gap for Unscorable Consumers and Increases Financial Inclusion Opportunities. TransUnion (2021). See also https://www.usatoday.com/story/money/2019/06/26/credit-score-your-rent-can-boost-your-fico-score-instantly/1556743001/
2 This is subject to change without prior notice, but residents’ monthly rental payments will be reported to at least one of the three major bureaus during their subscription to Rent Reporting, powered by Buildium.
3 Please note, Buildium is not a credit bureau and does not have direct influence over any aspect of credit bureau consumer profiles or credit scores calculated by the bureaus. Each bureau to which we report your rental payment information will determine, in its sole discretion, whether and how to use that information.