For starters, we want to make sure we only provide Rent Reporting to those residents who want it. So, residents have the option to opt-in to rent reporting. For residents who opt-in to rent reporting, Bilt will send rental payment information to the credit bureaus. This will allow them to build their credit history just by paying rent!
Frequently Asked Questions
How long will it take before rental payments appear on a resident’s credit report?
- While it depends on the individual credit bureaus and their specific timeline to verify and post information, it typically takes 45 to 60 days (but can take longer), before reported rent payments appear on a resident’s credit report.
Do I need to opt-in to have rental payment information reported?
- Yes, residents must opt in. Bilt will not report data to the credit bureaus without their permission to do so.
How does Bilt Rent Reporting determine on-time payments?
- During enrollment, you'll be asked to include the date your property accepts on-time rent payments. As long as you pay before the date provided, your rent is considered on time
Can Bilt Rent Reporting help residents who don’t have a credit score today?
- Yes, and in some cases, rent reporting can establish a credit score for credit-invisible residents
Can Bilt Rent Reporting help residents build their credit score?
- Yes, the addition of rental payments as trade lines on a traditional credit report can help residents build/establish their credit score. While there are no guarantees, studies have consistently shown rent reporting can increase a consumer’s score up to 20 - 100 points depending on an individual’s other financial activities.
How do I dispute the accuracy of my rental data reported to the Credit Bureaus?
- Please email firstname.lastname@example.org and we will work with you!
Can I report my past rent payments through Bilt?
Yes, during the process of enrollment, you have the option to include your past rent payments. In order for Bilt to report your past rent payments to the credit bureaus, they must have been paid:
- Through Bilt
- Towards your current lease
- For payment amounts greater than or equal to the amount that you are enrolling for