App Reports Your Rent Payment To Improve Your Credit Score

May 14, 2018

© Danielfela | Dreamstime

Building a positive credit history can be a challenge for those trying to establish credit and those who've had some rough times.  Making on-time payments on your loans and credit cards are a good way to get good marks but your credit score doesn’t take into account one big bill you probably pay every month, your rent. That's where the Pinch app can be a big asset for your credit history.  The free service reports your rent payments to the three credit reporting agencies!  Simply connect your bank account and upload your lease agreement to Pinch. Then pay your rent as you would normally, but before you submit your rent, take a picture of it (or screenshot) and upload it to Pinch.  When the rent funds clear your bank account, Pinch reports it as a paid bill to Experian, TransUnion, and Equifax as an installment loan. The service is free to use and doesn’t require you to even tell your landlord, much less have him or her be involved in the verification process. The service offers up to 24 months of payment history and according to Pinch, 75% of users saw their credit scores increase.

SOURCE: Lifehacker

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