What credit agencies do you report to?
We report rental payments to TransUnion. In the future, we will submit your tenants’ rental payments to the other credit bureaus as they adopt rent payment data into their systems.
How do I sign up?
We actually need your tenants to sign up with our services first! We do not require landlords to register or submit any personal information to us. Your tenants will provide your name, phone number and have the option to provide your email address for our verification process. We try to make verifying your tenant's rent payment history as easy as possible for you. There is no fee for landlords and our verification process is usually completed within a 5-minute phone call to you.
How do my tenants sign up?
Your tenants can sign up on the Rental Kharma site or by calling 720-307-1466.
How will rent appear on credit reports?
Rent will be counted as an open trade line on a credit report.
What if I have a couple renting from me. Would both sign up?
When couples apply for loans and mortgage, both their individual credit scores are pulled. We offer a super easy way to add a spouse during registration.
Do I have to change how rent payments are made to me?
No. You do not need to change how tenants pay rent to you. Your tenants can continue to pay rent the way they currently do.
Why can’t I report rent to the Credit Bureaus myself?
Landlords cannot report rent payments themselves unless they have thousands of units and complete extensive compliance procedures with the credit bureaus. A neutral, third party verification service gives you the ability to submit rent payments to the credit bureaus without taking on additional work.
What does the verification process consist of?
We have two options to get this done. We can either complete it in a 5-minute phone call, or we have a free, online process that you can also complete in around 5 minutes. We verify that you are the property owner using a program called IDology. IDology generates multiple choice questions based on public records like the DMV. (The DMV records only pull from car leases and car ownership, no traffic violations or anything like that.) No sensitive information or monetary cost is required from you for this process. Once you answer the questions successfully, we will verify your tenant's rent.
What about monthly updates?
If your tenant is still renting from you, chances are they signed up for ongoing reporting. As far as monthly updates for ongoing reporting, you have several options. The first option is a very quick and automated phone call. The second option is an email requiring only two or three clicks to submit. The third option is through sending you a text message. All of these options take less than a minute to complete!
If you have any further questions or difficulties, send us a message via our online chat feature. It's the little orange bubble right down there in the bottom right corner! You can also reach us with a phone call at 720-307-1466.