Rental payment histories may count in credit scores
“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.
Some other companies are also stepping in to ensure renters get their on-time payment histories included in a mortgage application. ECredable, an alternative credit data company, says it will verify renters’ payment histories that haven’t been reported to the major credit bureaus, and then generate a credit report and score. It encourages potential homebuyers to present the report to mortgage loan officers and ask that the information be considered in their application – which the lender must do under federal credit regulations.
Source: “Credit Scores Might Soon Reflect Rental Payments,” The Columbus Dispatch (June 29, 2014)
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