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Rent Reporting: A Game-Changer for Building Credit and Home Ownership

Rent Reporting: A Game-Changer for Building Credit and Home Ownership

Many Americans struggle with "credit invisibility," lacking credit scores necessary for loans and mortgages. Fannie Mae's Positive Rent Payment Reporting initiative allows on-time rent payments to count towards credit scores, helping consumers build credit. This initiative, extended through 2024, collaborates with providers like Esusu Financial Inc. and Rent Dynamics to report rent payments to credit bureaus at no cost. Programs like Experian Boost also provide similar services, including utility and mobile payments. On average, rent reporting can boost credit scores by nearly 60 points. Over 35,000 people have benefited from Fannie Mae’s program, with some seeing up to a 40-point increase. While rent reporting can significantly improve credit scores, experts caution that building a solid credit profile takes time. Consumers should also ensure their rent payments are reported to all major credit bureaus to maximize impact.

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