Boost your score - FAQ mention

Did you know that if your on-time rent payments were reported, it could increase your credit score by more than 40 points?

You can build credit history with rent payments. Ongoing reporting helps establish your good record.

What is the impact of rent reporting on your credit score?

While testing their new credit rent reporting program, Goldman Sachs found the average score of their participants increased by 42 points, going from a credit score of 616 to 658.

Goldman Sachs Graphic

This increase put many people on the cusp or over the line of being considered a prime borrower. That opened a lot of credit options.

What was most interesting about the Goldman Sachs program is that the boost was immediate. Compared to other strategies, this rent reporting program was impacting credit instantly while other strategies could take months to show an impact. How did the program generate near instant results? It had to do with the amount of payments added to a person's credit history. The Goldman Sachs program added up to 24 months of back-rental payment history to a person's credit report. This historical data provided a big boost very quickly.

The Benefits of the increase to your credit score

Remember there are multiple sources of credit scores that show up on your credit history, including the FICO Score and the VantageScore.

So what does a 40-point increase to your credit score mean in real-life terms?

How does the program work?