Want a Mortgage? Pay Your Rent

With all the economic problems we have faced as a nation, and even more specific, as Nevadans, the number of renters has increased significantly.  But, eventually even most renters would want to change their status and become homeowners.

But, it seems that renters have had a lower credit score and that was always a problem.  The credit companies didn't keep records of rent payments except when the renter neglected to make his payments.  Then the score was lowered.

Now, with the larger number of renters the Experian recently began to include rent payments as part of the credit rating.  CoreLogic and FICO are soon expected to follow.  A good rental history can add as much as 100 points to the credit score.

Read more: http://www.nytimes.com/2012/01/08/realestate/mortgages-a-good-rental-history-can-help-borrowers.html?_r=1&partner=rss&emc=rss

About rereno

Real estate investor
This entry was posted in credit, Economy, Real Estate and tagged , . Bookmark the permalink.

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