TENANT CREDIT REPORTING
Stevens Realty
Build Your Credit By
Paying Your Rent On Time
Stevens Realty is now reporting rental payments. It may help valued tenants like you build, strengthen or rebuild your credit. Credit Reporting Fee is $1.99 per month to report rent payments to all bureaus.
Stevens Realty has partnered with CredHub to start rental credit reporting. Since most people spend 26%-50% of their income on rent, so shouldn’t you get credited? Credit Reporting Fee is $1.99 per month and we will report your rent payments to all bureaus. This will positively increase the tenants buying power and enjoy low interest on credit cards.
What is Credit Reporting?
Credit reporting involves the collection, storage, and dissemination of financial data related to an individual’s or entity’s borrowing and repayment activities. This data typically includes information on credit cards, loans, mortgages, and other forms of credit. The primary purpose of credit reporting is to create a comprehensive credit report or credit score that reflects a person’s or business’s creditworthiness.
Benefits For Tenants:
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Rental History Reporting: Some landlords and property management companies report tenants’ rental payment history to credit bureaus. This means that on-time rent payments can positively impact a tenant’s credit history, potentially improving their credit score over time. This can be especially valuable for tenants who are looking to build or rebuild their credit.
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Proof of Rental History: A positive rental history on a credit report can serve as proof of responsible financial behavior. When tenants apply for a new rental property, landlords may consider a good rental history as evidence of their ability to meet financial obligations, which can increase their chances of being approved for the rental.
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Access to Better Rental Options: A strong credit history, which may include a positive rental payment history, can open doors to better rental opportunities. Tenants with good credit are often more competitive in the rental market and may have access to a wider range of properties and neighborhoods.
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Negotiating Power: Tenants with a positive credit history may have more negotiating power when it comes to lease terms. Landlords may be more inclined to offer favorable lease conditions or negotiate on rent if they perceive the tenant as a responsible and reliable renter.
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Lower Security Deposits: Some landlords may reduce security deposit requirements for tenants with a strong credit history. This can reduce the upfront cost of renting a property and make it more financially manageable.
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Rent Reporting Services: Some companies specialize in rent reporting services, allowing tenants to proactively report their rent payments to credit bureaus. This can be particularly beneficial for tenants looking to establish or improve their credit profile.
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Future Financial Opportunities: A positive credit history can have long-term financial benefits for tenants beyond renting. It can make it easier to qualify for loans, credit cards, and other financial products at favorable terms, which can contribute to overall financial stability and flexibility.
A Better Credit Score May Help You:
- Access Lower Interest Rates
- Waive or Reduce Deposits to Open Utility or Cell Phone Accounts
- Increase Your Credit Limits
- Be a More Attractive Job Candidate
Here's How It Works:
- You Pay Your Rent on Time
- Your Property Manager Records and Deposits Your Payment
- Your Payment Information Gets Reported to Stevens Realty
- Your Rental Payment History to Your Credit Report
FAQs: For Tenants Credit Rental Payment Reporting
Stevens Realty LLc submit your rental payment data with credit bureaus, much like reporting other financial responsibilities, can potentially have a favorable impact on your credit. Although credit scoring models differ, individuals who consistently make punctual rent payments typically witness a neutral to favorable adjustment in their credit scores. Conversely, tardy payments are likely to result in negative score changes. For individuals with minimal credit history, incorporating a lease into your credit record can enable you to generate a credit score on numerous credit reports. Stevens Realty’s Tenant Credit Rental Payment reporting presents an opportunity to establish your credit history.
For most residents, rent is the largest monthly payment. Every resident should be getting credit for paying rent on time and be rewarded by having that payment improve their credit score. Rent is one of the fastest ways to increase a credit score, with an average increase above 40 points and some as high as 100 points depending on where an individual is in the FICO scoring matrix. This translates into additional financial freedom for the resident. A higher credit score can result in lower interest rates for a loan (e.g. car, home), additional qualifications for credit cards, higher limits on credit cards, and lower insurance rates. A higher credit score can even help get a job, as it is viewed as an element of risk to an employer.
As with other financial obligations, under the current law, Tenant Credit accounts will continue to be included on your credit report for seven years after the lease is terminated.
No. Stevens Realty only accepts data from credentialed property managers and third-party payment processors. If your property manager does not report, contact us to discuss our Tenant Credit service.
CredHub submits to the bureaus at the beginning of each month the previous month’s rental payments. The bureaus process the file, which can take up to ten days. Credit score websites such as Credit Karma and FreeCreditScore.com are delayed several weeks in obtaining new information. A credit report drawn directly from the credit bureaus will reflect new payment information within a few days. On average, residents see their scores impacted in the first three to six months.
Since this is the first-time credit bureaus have seen payment history for rent, it is viewed as new debt. Like buying a new house or car, the credit score may see a slight drop initially however, it will level out and increase as more on-time payments are made.
CredHub handles all questions and disputes with your residents. We have an all access website at www.credhub.com, can be reached by phone at 1-833-888-2733, or by email at support@credhub.com. If a correction may be needed on information that was inadvertently submitted to the credit bureaus, we will handle resolution for the resident. If questions are not answered here, please call us at 1-833-888-2733
