If you’re just starting out in life you might feel like you’re spending a lot of money and yet you don’t have much credit history. Now, there’s a way you can establish credit by paying your rent.

First—the free way: Ask the rental management company at your apartment complex to report your payment history to Experian for example.

If they won’t, you can use a rental payment service, that WILL. Two examples are Rental Kharma and RentTrack (www.rentalkharma.com and www.renttrack.com).

You pay them a monthly fee and they either call your landlord to confirm you paid your rent, or you pay them and they pay the landlord.  Either way, as long as your rent isn’t more than 30 days late, you’ll establish a positive credit history.

Remember you only need it until you get some credit established.  Hopefully, then, your credit score is flying high.

Do us a favor please.  Tell your friends about us so they can be smarter about their money too.

 

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