Tenants who wish to build a credit history with their ClearNow rent payment data may opt in to our free credit reporting feature after they are enrolled in our online rent payment service.
ClearNow rent payment data will be furnished to Experian once your tenant has four (4) payment periods of data. Subsequent data is furnished on a monthly basis. We can only furnish rent payment data made while a tenant is enrolled in ClearNow.
Why Building Your Credit History is Important
Credit plays an important role in your life — affecting the purchases you make and much more. A credit history is vital in today’s economy and enables you to obtain valuable credit services such as credit cards, mortgages, and auto loans. Lenders use credit reports and credit scores to gauge the likelihood that you will pay back a loan.
How Paying Rent on Time Helps Build Your Credit History
Experian incorporates on-time rental payment data into their credit reports. Rental payment information will be included as part of a standard credit report and may be incorporated into certain credit scores. The inclusion of positive rental payment data in Experian credit reports allows your tenant to build credit history through timely rental payments.