Momentum is growing among public officials, as well as members of the apartment industry, that residents who pay their rents on time and in full should see a corresponding benefit to their credit histories. Less than 10% of renters currently see payment history reflected in their credit histories.
A strong, positive credit history is essential to securing car loans, credit cards and mortgages – and to doing so at favorable interest rates. Unfortunately, unlike homeowners, apartment residents traditionally have not gotten credit on their credit reports for making their rent payments on time and in full.