Rental Kharma currently reports your rental payment history to TransUnion
We have signed(August 2020) an agreement to report Equifax, we are in the final stages of completing setup.
We report rent to both companies whether you rent to a landlord or a property management company.
Please read below for details!
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.
We are proud to let our members know that we have an agreement with Equifax that will enable us to report your rental payments with our existing process. As of August 2020 our agreement was completed. We do not have a date yet for our first upload with Equifax. As soon as we complete our first upload, we will let all Rental Kharma members know.
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 a 3rd party 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.
If tomorrow all 3 credit bureaus merged into 1 company and you had just 1 credit score, the home buying and loan underwriting process would not change.
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 mortgage 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 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 program and ALL duplicate data is deleted and 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 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 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 Satisfaction Guarantee policy. You can also call us at 720-307-1466 Weekdays 10am-9pm EST and Weekends 9-5 EST