Reward Tenants for On-Time Payments
FAQs
Where is the service available?
ADDRESS
1030 W Georgia St #710, Vancouver, BC, Canada
V6E 2Y3
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ABOUT US
RentMoola is a disruptive cloud platform that empowers consumers to take control of their finances through a simple, integrated, and secure solution that is powered by a world-class partner ecosystem. We focus on empowering landlords to mitigate risk and offering tenants a wide range of services to manage their finances.
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Manage tenant risk and encourage on time payments by offering rent-reporting service to credit bureaus.
Save time, money and resources by attracting better tenants
How it works
The credit reporting service is available to all US customers. The service will be available in Canada in the next few months.
How many points will my credit score increase by?
As there are multiple factors that impact an individual's credit score, it is not possible to precisely predict the impact reporting your rental payments will have on yours. However, paying your rent on time is said to potentially increase credit scores from 25 - 100 points over the space of 2 years.
How long will it take to increase my credit score?
The timeline can vary, but reporting your rental payments to the credit bureau can start to impact your credit score in around 6 to 8 weeks after activating the service.
What if I don’t pay rent one month through RM or paid late?
The credit reporting service factors in the balance on your lease, which your property manager updates when you’ve made a rental payment through another means.
Paying late is recorded for the service but so long as a tenant pays within 1 month of the due date, the impact on their credit score is minimal. Paying rent later than a month past its due date can negatively impact your credit score.
Tenants can increase their credit scores without thinking about it
Provide your tenants valuable services that have a mutual benefit. By reporting on-time payments of their largest monthly expenditure, they can set themselves up for financial success.
No matter what a tenant’s credit score is, they can keep improving it by reporting payments made through RentMoola.
Having a good credit history helps tenants save money and makes their financial life easier. With a good credit rating, they have a better chance for mortgage and loan approvals, lower interest rates on credit cards, easier approval for future rentals and more.
Auto-report
Once tenants subscribe to RentMoola’s credit reporting service, their rental payments will automatically be sent to the credit bureaus each month and appear as a tradeline on their report.
Earn Revenue Share
As an added benefit, add to your revenue stream by earning revenue share per rent-reporting.
Service will be available on Tenant Marketplace
By offering credit reporting on your tenant’s financial marketplace via RentMoola, tenants can easily subscribe to this service.
How will my identification be verified?
The service requires a tenants residential address and their date of birth which is collected during onboarding.
Do I need to commit to reporting for a certain amount of time?
The service actively reports tenant’s rental payments per month for one year from activation. Tenants can cancel the service, however, if they wish to continue reporting, they will have to purchase the service again.
If a Tenant moves out, the report will indicate so for the remainder of the year and will not impact their credit score.
Which credit bureaus do you report to?
We report to the two largest credit bureaus, both TransUnion and Equifax in the United States.
We report to Equifax in Canada.
Can you report past rent payments?
Currently you cannot report past payments but this is a feature we are looking into.
How much does it cost?
The service is $60 annually making it one of the cheapest options on the market for reporting your rental payments.