How Does RentPlus Work?
How does RentPlus work?
Building your credit doesn’t have to be rocket science. You don’t need a financial degree to build excellent credit, and you don’t need to make drastic lifestyle changes to start building financial freedom today. With RentPlus, you can build your credit and create financial success in just a few simple steps.
Step #1: Pay your monthly rent.
Paying your rent on time each month can offer numerous financial benefits. When you pay your rent on time, you won’t have to pay late fees. Late fees, though often small, can add up quickly if you’re constantly paying your rent late. Also, when you pay your rent on time, you won’t worry about getting evicted because you made too many late payments. Getting evicted from your apartment can cause a variety of financial problems like losing your deposit and having to find a new place quickly – whether it’s your ideal place or not. And, best of all, when you pay your rent on time, you can build your credit each month via RentPlus.
Step #2: Process information.
Once you pay your rent, RentPlus will work with your property manager to report your rent payment to select credit bureaus. Rent is often the biggest expense in your monthly budget, so it just makes sense to put that money to work building your credit. For years, renters did not have the same benefits as homeowners. Mortgage lenders have been reporting mortgage payments to credit bureaus for years, but until 2014, rent payments were not reported to credit bureaus. Now, with the help of companies like RentPlus, you can simply pay your rent each month and we’ll report your rent payment to the credit bureaus for you.
Step #3: Credit bureaus record payments.
Once we report your rent payment to select credit bureaus, the credit bureaus will record your monthly rent payments on your credit report. By adding your rent payments to your credit report, you can build your credit quickly without having to go into debt to do so.
Step #4: Build your credit.
Paying your monthly rent on time will help you build your credit profile. You’ll benefit from a healthier, stronger credit that will open doors to greater financial freedom. Your credit score can affect your career, interest rates, auto insurance, cell phone plan, and rental agreements. A higher credit score offers more financial opportunities.
Step #5: Sit back and relax.
With your rent payments building your credit each month, you can sit back and enjoy the benefits. At RentPlus, we believe in making your money work for you, not the other way around.
So, what are you waiting for? Talk to your property manager about enrolling in RentPlus today. Let’s work together to build your credit via your on-time monthly payments!