Al asked in Business & FinanceCredit · 2 weeks ago

does rental karma improve my credit?

I am living with my parents but paying rent, if I sign up for rental karma, will my rent payments be reported to the credit bureaus

4 Answers

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  • A.J.
    Lv 7
    2 weeks ago

    Are your parents reporting the rent as income for tax purposes? From their point of view, are you actually paying rent?

    Rent reporting helps credit scores by some score calculation methods. The services like Rental Karma need some agreements with the landlord (your parents) and if there is no lease agreement, it counts in a different way. Rental Karma is not free. You may wish to speak about it with your parents, because the Rental Karma data could have your parents tax audited and penalized.

    https://www.nerdwallet.com/blog/finance/credit-rep...

    https://www.thebalance.com/how-to-report-rent-paym...

  • Anonymous
    2 weeks ago

    Avoid.  Its an overpriced ripoff.

     Get a discover secured card. Builds better credit and its free. (But you have to send  $200 to start which you will get back in a year or so)

    Rental Kharma Pricing GuideHere at Rental Kharma, we have a flat registration fee of $25 to join and record your current lease, starting this month.You can add a roommate, spouse, or partner whom you rent with for an additional $25, and you can still be on the same membership.Past Reporting OptionFor an extra $60, we will add up to two years (24 months) of past rent payments to your credit report. This will only include as far back as we can report for your current rental address. If you are joining with a roommate, the same $60 fee will cover both of you at no extra charge.

  • Gary
    Lv 4
    2 weeks ago

    Troll. Your parents can’t make you pay rent. All kids should live at home until they are in their 30s

  • 2 weeks ago

    rent payments are never reported on the credit bureaus unless you don't pay.

    Your credit report is a report of loans / revolving credit.  Not a listing of everyone bill you pay. 

    • A Hunch
      Lv 7
      2 weeks agoReport

      After reading the Rental Karma & other website= they report to one credit bureau, transunion.  Rental history is only included when Fico9 is used.  Per the transunion website, some of their customers use Fico9 but it's not the most common. 

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