What is CredHub
Get Credit for your most substantial payment, your RENT
RentCred, powered by CredHub allows resident to get credit for their on-time rental payments, and receive ID Theft Protection.
Rentor utilizes CredHub, a Data Analytics and Credit Bureau Reporting Company. CredHub provides property rent roll analytics information to [Company Name] in addition to providing payment data to TransUnion and Equifax on a monthly basis. RentCred reports your rental payments to TransUnion and Equifax, and provides Identity Theft Protection from InfoArmor by Allstate. “Getting credit where credit is due”. Getting credit for your most substantial payment can increase your credit score 20 – 70 points saving you $1000’s of dollars down the road. This service is available to all Rentor residents.
We do the work and you reap the benefits: Rentor will report your rental payment history on a monthly basis during the term of your lease. CredHub will in turn transmit this history to two of the major credit bureaus: TransUnion, Equifax (the “Credit Bureaus”).
While using RentCred when you meet your lease payment obligations, your information will be reported to the Credit Bureaus and will help you in building a positive credit history. If you do not meet your rental payment obligations, as per your lease contract agreement, the late or unfavorable fact will be reported to CredHub and thereafter to the Credit Bureaus. This will also impact your credit and can affect your credit score.
Positively impact your future! It’s important to make sure that you are meeting your lease payment obligations on a monthly basis and throughout the term of your lease agreement. Reporting on-time rental payments can positively impact your credit score by up to 70 points. Some results may be reflected in 7-10 days. Building a good credit history is important should you apply for credit in the future, such as to purchase a home or car. RentCred is the key to opening up that future.
We’re excited to bring this amenity to all our residents!
FAQ for Residents:
Why should I want my property manager to report my rent to the credit bureaus?
For most residents, rent is the largest monthly payment. Every resident should be getting credit for paying rent on time and be rewarded by having that payment improve their credit score. Rent is one of the fastest ways to increase a credit score, with an average increase above 40 points and some as high as 100 points depending on where an individual is in the FICO scoring matrix. This translates into additional financial freedom for the resident. A higher credit score can result in lower interest rates for a loan (e.g. car, home), additional qualification for credit cards, higher limits on credit cards, and lower insurance rates. A higher credit score can even help get a job, as it is viewed as an
element of risk to an employer.
Can CredHub report past rental payments to improve my credit score?
Yes. CredHub can legally report up to 24 months of past rental payments if necessary.
Why hasn’t my credit score changed when I check it online?
Credit score websites such as Credit Karma and FreeCreditScore.com are delayed several weeks obtaining new information. A credit report drawn directly from the credit bureaus will reflect new payment information within a few days.
I have never had a late payment, so why has my credit score dropped?
Since this is the first-time credit bureaus have seen payment history for rent, it is viewed as a new debt. Like buying a new house or car, the credit score may see a slight drop initially however, it will level out and increase as more on-time payments are made.
What happens if my payment history is submitted incorrectly?
CredHub handles all questions and disputes with your residents. We have an all access webite at www.credhub.com, can be reached by phone at 1-833-888-CRED, or by email at info@credhub.com. If a correction may be needed on information that was inadvertently
submitted to the credit bureaus, we will handle resolution for the resident.
If questions are not answered here, please contact Account Manager via email at info@credhub.com or call 1-833-888-CRED