No, we cannot furnish your ClearNow rent payment data until you provide your consent. After you are enrolled in ClearNow, there is an additional step that you must take to sign up for credit reporting. Once you have four (4) payment periods of complete data, your ClearNow rent payment data will be reported to Experian. Thereafter, your data is submitted on a monthly basis.
There are many advantages for a tenant to use ClearNow! For one, ClearNow is Free! Fees are paid by your landlord or property management company. You have the opportunity to pay your rent electronically without having to go out of your way to write and deliver a check or money order. Signing up with ClearNow enables an automatic debit from your bank account and does not require your initiation each month. One of the greatest benefits of using ClearNow is the ability to report the rent payments to Experian. This will allow you to build a credit history.
Yes. Tenants enrolled in ClearNow (www.ClearNow.com) may report their rent payments made while they are enrolled in ClearNow. ClearNow is a data furnisher to Experian RentBureau (www.experian.com/rentbureau).
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 reported to Experian RentBureau into Experian credit reports. Your rental payment information will be included as part of your standard credit report and may be incorporated into certain credit scores. The inclusion of positive rental payment history within Experian credit reports allows you to establish or build credit history through timely rental payments.