We currently report to TransUnion. Currently, TransUnion is the only credit bureau that accepts past rental payment history. At Rental Kharma we believe that you very much should be getting credit for your past rent payments as that has a significant impact on your credit quickly.
We are actively working with Equifax to bring them on board with us as well. When we add additional bureaus, we will report your data to them at no additional cost to all of our existing members.
What about Experian?
While Experian does collect some ongoing rental information, they report your rent payments in a way that is not always beneficial to you as a consumer.
Experian reports their rental information as an installment loan which can harm you by affecting your debt to income ratio. Until Experian changes the way they report their rental information to display correctly as an open rental agreement that is paid in full every month, we are going to focus on continuing reporting to TransUnion and bringing Equifax on board.
The 3 Bureau Misconception
Most people have the misconception that data needs to be reported to all 3 bureaus. The reality is that is not the case. When lenders pull your credit reports they combine all the data into one report. When they see duplicate information, they simply delete the duplicates and continue on with the underwriting for a loan.
For example, all home loans in the US are processed through a government program called Fannie/Freddie. When the mortgage officer pulls your credit file they pull from all 3 bureaus (TransUnion, Equifax & Experian). If you do not have a score on all 3, then they will use just the ones you do have data with.
When they pull your report they upload it into the underwriting program and ALL duplicate data is deleted or disregarded. So if you have your rent on one bureau, that is all you need to keep you moving towards success.
If you have a car loan for $30,000 reporting on all 3 credit reports, the underwriting program goes not think you own 3 cars and have 3 accounts with $30,000 in debt on each. It recognizes they are the same and simply deletes the duplicates.
You should read our reviews, as about 70% of our members use Rental Kharma to purchase a home. https://www.facebook.com/pg/rentalkharma/reviews
Remember, we do have a 100% Money Back Guarantee policy. You can also call us at 720-307-1466 Monday through Friday, 8am-6pm MST.