Rental Kharma reports your rental payment history to the primary credit bureaus TransUnion & Equifax!
Read about Experian Below
The 3 Bureau Myth
Most people believe that their account data needs to be reported to all credit bureaus. Who wants 3 credit scores anyhow? This stuff is already confusing enough. Not all companies can report to all credit bureaus for various reasons.
When mortgage lenders pull your credit reports they combine all the data into one report. When their software sees duplicate information, the system simply ignores the duplicates and continues on with the underwriting process.
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 software and ALL duplicate data is 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 software will compare account numbers to make sure you do not own 3 cars and have 3 accounts with $90,000 in debt on each. It recognizes they are the same and simply ignores the duplicates.
TransUnion was the first credit bureau that adopted a 3rd party verification process to report your rent without you having to change the way you pay your rent. They started reporting back in 2014.
Equifax was the second credit bureau that adopted a 3rd party verification process to report your rent without you having to change the way you pay your rent. They started reporting back in April 2021.
What about Experian?
Experian does not accept rental payment history from 3rd party verification services. Experian only accepts ongoing rental payments if you pay rent electronically via through a checking account and a 3rd party company that reports to Experian.
In short Experian is way behind and they are literally discriminating against 30%-40% of renters that cannot pay electronically because those renters are under banked. We have only been asking them for 8 years to push the upgrade button.
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