Are you a tenant or a landlord with VerraTerra Property Management? If so, you’re in luck! VerraTerra uses Appfolio for tenants to pay rent online. Paying rent online makes it easier than ever to add your rent payments to your credit report using Experian Boost. In this blog post, we’ll show you how tenants can boost their credit score, and we’ll also explain why landlords should encourage this practice.
Why Does Adding Rent to Your Credit Report Matter?
Your credit score plays a significant role in your financial life. It affects your ability to secure loans, credit cards, and even influences the interest rates you receive. For tenants, one way to positively impact their credit score is by including their rent payments in their credit history. You already pay it, you may as well get the credit for it, right?
What is Experian Boost?
Experian Boost is a service offered by Experian, one of the three major credit bureaus in the United States. It allows you to add positive payment history for bills that are not traditionally reported to credit bureaus, such as rent, phone, and utility payments. VerraTerra is not affiliate with Experian Boost, we just know it’s a valuable tool for renters.
How to Add Your Rent Payments to Your Credit Report
Sign Up for Experian Boost: Start by signing up for Experian Boost on their website. It’s a straightforward process that requires you to verify your identity. As of this writing, it’s a free service.
Link Your Account: After signing up, you’ll be prompted to link your account. This is necessary for Experian Boost to verify your payment history.
Choose Your Payments: Select the payments you want to include in your credit report. In this case, you’ll choose your rent payments made through Appfolio.
Verify Your Payments: Experian Boost will securely access your statements to verify your rent payments. Make sure you have a history of on-time rent payments to ensure a positive impact on your credit score.
Watch Your Score Grow: Once your rent payments are added to your credit report, you can watch your credit score increase. This can open up opportunities for better financial options.
Benefits of Using Experian Boost for Paying Rent Online
Build Credit History: Adding your rent payments to your credit report helps you build a positive credit history, which can be crucial when applying for future loans or credit cards.
Improve Your Credit Score: Timely rent payments can boost your credit score over time, making it easier to qualify for lower interest rates and better financial deals.
Easy and Convenient: Paying rent online through Appfolio is already convenient, and with Experian Boost, you can seamlessly incorporate it into your credit-building strategy.
For Landlords: Encouraging Tenants to Pay Rent Online
Landlords, you can also benefit from tenants paying rent online through services like Appfolio:
Streamlined Payment Processing: Online rent payments are easier to manage and track, reducing the risk of late or missed payments.
Improved Tenant Relations: Offering online payment options is a convenience tenants appreciate, which can enhance your relationship with them.
Encourage Financial Responsibility: Encourage your tenants in Bothell and the surrounding area to use Experian Boost to report their on-time rent payments. You can help them build a positive credit history. This can help make them more responsible and reliable tenants.
In conclusion, paying rent online isn’t just a convenient way to handle your monthly expenses; it can also be a smart financial move. VerraTerra Property Management, located in Bothell, WA, uses Appfolio, one of the accepted Experian Boost rental portals. This makes the process easier for both tenants and landlords. Building good credit takes time and effort. This is a simple step in the right direction for everyone involved. So, whether you’re a tenant looking to boost your credit score or a landlord seeking a more efficient payment solution, paying rent online is a win-win. View available Bothell, WA rentals here or learn about Bothell property management here.