The Positive Vibes Only Credit Report?

Journalists, many of them getting paid on a freelance basis, have spilled vast amounts of ink about how much money it costs to be poor. The fact that your credit report only seems to taunt you about your unfortunate financial circumstances, while the rich effortlessly pay down the debts that creditors were happy to lend to them, only adds insult to injury. To make matters worse, your credit score gets even lower whenever you seriously ask about it. If only there were an app that could put you in a good mood about your finances. Yes, there are apps that try to gamify investing, but if you don’t have any money to invest, then you don’t get rich by playing them, just as you don’t get rich by playing Monopoly. Rent reporting apps do not put money in your pocket, but they do tell the credit reporting bureaus good news about your financial habits that the credit reporting bureaus would otherwise ignore. To find out more about positive rent reporting, the next big thing in rent reporting apps, contact a Philadelphia debt relief lawyer.

Positive Rent Reporting Offers Tenants a Glimmer of Hope About Their Credit Scores

A person’s credit report is a record of the person’s debts and the repayment thereof. In other words, it does not keep track of all your financial activities, only the ones that involve borrowing money and repaying it in installments. Therefore, most of the bills you pay do not build your credit history, even though they should, because paying your financial obligations consistently signals to creditors that you are trustworthy.

Rent reporting apps fill a need, because renters are often stuck on a treadmill where they pay rent year after year without building up the credit history that would enable them to qualify for a home mortgage loan. These apps are available by subscription. Some landlords subscribe to them and give tenants the choice to opt in to participate; a rental property that builds your credit history is an attractive one. In other cases, tenants subscribe to the apps; it is worth the cost of subscription to get the credit score boost of the credit reporting bureaus accounting for your rent payments.

Of course, renters are more likely than homeowners to rely on the gig economy for income. Therefore, they are more likely to be late paying their rent. A late rent payment, when the credit reporting bureaus find out about it, harms your credit score as much as any late payment. Therefore, some tenants hesitate to participate in rent reporting apps. The most recent solution to this problem is positive rent reporting. Some rent reporting apps have a feature where they will only report the on-time payments, but they will report nothing in the months where the tenant pays his or her rent late.

Contact CONSUMERLAWPA.com About Building Your Credit History From Nothing

A Philadelphia consumer law attorney can help if you have no credit history and want to build your creditworthiness.  Contact CONSUMERLAWPA.com to set up a free, confidential consultation.

Source:

nytimes.com/2025/06/20/your-money/credit-scores-rent-payments.html