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SANTA BARBARA, Calif., June 18, 2014 /PRNewswire/ -- To get a loan, you need a credit history. Until now, the only way to build your credit history was to take on debt with credit cards, bank loans, or car loans. That put people just starting out, particularly students, at a big disadvantage.
RentTrack helps residents pay their rent online while letting them see their current credit score and valuable credit tips. Users can search for their house, apartment, or condo, then set up a secure payment so their rent is paid automatically.
RentTrack's real power is its ability to report rent payments to major credit bureaus to help consumers build credit history. This could significantly change the financial outlook for renters, who currently make up around one-third of the US population.
"RentTrack gives people a new level of control over their credit," says Gerri Detweiler, director of consumer education for Credit.com. "Over the years we've heard from many consumers who are trying to build credit history, but are frustrated because their rent – one of their largest expenditures – doesn't even appear on their credit reports. This is an enormous step in the right direction."
"We're delighted to welcome RentTrack as a data furnisher to RentBureau," says Emily Christiansen, director for Experian RentBureau. "Their approach of rent payments and reporting will help RentTrack's users build their credit history intelligently and easily, without incurring debt."
The RentTrack service is available now at www.renttrack.com. RentTrack is appearing at the National Apartment Association conference at the Colorado Convention Center on June 18–20, Booth 1467.
RentTrack combines electronic payments with consumer credit services, allowing residents to report rent payments for building credit history. For property managers, RentTrack makes it easy to accept credit cards and e-checks online while integrating with popular accounting software.
Experian® RentBureau® is the largest and most widely used database of rental payment information and currently includes information on more than 12 million residents nationwide. Experian is the first and only major credit reporting agency to incorporate the positive rental payment data reported to Experian RentBureau in consumer credit reports.
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