Good news for tenants who do. There is a new service that allows your rent payment data to be shared with credit companies. This is good for tenants who want to build credit so they can buy a home.
The way it works is that Rent Track collects the payments electronically and reports to the credit companies. This can be done whether it’s a huge apt complex or a mom and pop unit. All you have to do is ask your landlord to do this.
Now on the other side, as a landlord, I’m not sure how I like this. Will it maker it harder to evict? What if the check bounces? Is this a debit out of an account, a credit card charge or a check. I once let a tenant make payments to my checking account. That did not work. What she did was deposit $1 fter I started the eviction. Then I had to start over. So I will wait and see if I like this idea.
