RentTrack Review: Credit for Paying Your Rent — Maybe for Free

Renters feel the same pain homeowners do — the big bill that comes due every month. But homeowners at least get a positive note on their credit reports when they pay it. Renters don’t.

RentTrack and some other rental reporting services are out to change that, offering a way to get a positive rental payment history onto the credit reports used to calculate scores needed to qualify for credit cards, personal loans and mortgages.

It’s a new concept. Only about 1% of reports carry an entry (a “tradeline”) for rent, says credit scoring powerhouse FICO.

Traditionally, credit scoring algorithms haven’t taken rent into account, relying on revolving debt from credit cards and installment debt from auto loans and mortgages to gauge a borrower’s creditworthiness. Now a number of alternative credit scores consider alternative data such as rent — and a small industry has emerged to make sure it is reported to the major credit-report providers.

Rental data reported to the credit bureaus may help you qualify for some credit cards or loans, and those in turn will result in a traditional credit score accepted everywhere.

RentTrack not only sends payment information to all three bureaus, but it also collects the rent on behalf of landlords, about half of whom pick up the tab for reporting.

RentTrack at a glance

To review RentTrack, NerdWallet collected pricing information and gathered six data points, reviewed the online application process, interviewed company executives and compared the company with others that target the same customers.

RentTrack is a good fit for those who:

• Live in a building that uses the RentTrack system and pays for it.
• Need help establishing credit. If you have not yet been approved for a credit card or installment loan, the credit history established by rental payments may help get you one.
• Can pay by electronic check or automatic withdrawal, minimizing the cost of the service.

RentTrack may be less valuable for those who:

• Have established credit. If you have a credit card or installment loan, you almost certainly have a traditional credit score already.
• Want to keep their personal financial information private. The RentTrack payment system requires that you share your information with the company.
• Pay the rent with a credit or debit card. The fees charged for doing so mount quickly.

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How RentTrack works

How RentTrack is different

Where RentTrack falls short

What does RentTrack cost?