FAQ's for Building Consumer Credit

How much does the service cost?

We charge a one time fee of $29. For that $29 fee you can report up to two years of past rent payments.

I thought it cost $10?

When we launched our service we started at a $10 price point, however, after building our systems and understanding the time needed to provide quality service to our customers we needed to raise the fee to provide a better quality service.

I have a question and want to speak to someone.

The best way to communicate with us is by using our trouble ticket system. You can also chat with us or give us a call at 303-219-1983.

How much will rent reporting help my credit score?

It would be impossible to provide specific numbers, as credit scores are based on each individual’s unique situation. However, we do promise that renters who use the service benefit by adding two years of positive credit history to their credit report. We offer a 100% Satisfaction Guarantee. You can also read this Blog Post about the topic.

What credit agencies do you report to?

We report rental payments on your FICO® Expansion Score. In the future we will submit your rental payments to the other credit bureaus as they adopt rent payment data in their systems.

What is the FICO® Expansion Score?

The FICO® Expansion score is designed for individuals with thin or no credit. Generally people with less than 3 trade lines on their credit report.

How long does it take for my data to show up on my FICO® Expansion report?

We submit data once a month about 5 business days before the end of the calender month. We suggest that you wait until the end of the next calender month to pull your updated score. For Example: You send Rental Kharma your verification form on March 15th, your data would be on your report by April 30th.

How will rent appear on my credit report?

Rent will be counted as a trade line.

Does my landlord need to participate?

Your landlord only needs to participate if you choose to. There are three ways you can verify your rental payments and two of the options do not require landlord participation.

How do I verify my rent?

We have three ways for a renter to verify rent. You can verify your rent through your bank, landlord/property manager, or provide check receipts for each month.

Aren't rent payments already on my credit report?

No. This is a common misunderstanding; however, in the past only negative collection actions for rental history have been reported on credit reports.

What if I sublease or split rent?

It’s totally fine if you sublease or split rent. There are just two things you need to remember when registering your rental account. When asked about the landlord, give the contact information for the actual owner of the property.When you report the monthly lease amount, only give the amount you individually pay.

What if I have a spouse?

When couples apply for loans and mortgage, both your individual credit scores are pulled. That is why Rental Kharma recommends each person sign up individually for our rent reporting service.

Where do I pay my rent?

You pay your rent in the same manner you currently do.

Why can't I report rent to the Credit Bureaus myself?

A renter cannot self report his or her rent payment history. A neutral, third party verification service is required to submit rent payments to the credit bureaus.

How can I fax my form with no fax machine?

We recommend using a service at http://faxzero.com/. They offer a free web based fax service that enables you to upload scanned images from your computer. You can also use a scanning app on your phone to scan an image, then upload it to www.faxzero.com and send Rental Kharma your form.

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