February 7, 2011
I just learned that Renters will now begin to build good credit by continuing to pay their rent on time. Experian is the first credit reporting company to gather information from large property-management companies around the country. The credit scores that are built will include rent payments. That’s a great sign for tenants who can now realize their dream of home ownership. Lenders can update their underwriting systems to automatically include rental-payment records. If you are renting from an individual or smaller management company, ask your property owner to individually report your payments. You’ll be on your way to homeownership, with a great credit score. My father, who was a very wise man, said that a person could never really accumulate any wealth unless he/she owned some real property. Your own home, duplex, or condo is the place to begin.