A Rent Reporting for Credit Building Success Story
By: Veralisa Hunter, Asset Coach/Homebuyer Club Coordinator, Covenant Community Capital
As an Outreach Specialist at a local community college, Cindy deeply understands the importance of education and opportunity. As a single mother, she has always wanted to own a home of her own and to take advantage of the benefits of homeownership.
While taking a homebuyer pre-purchase workshop at Covent Community Capital, Cindy began to develop credit profile improvement strategies. Like many others looking to pass the approval of creditors, she needed to build credit without burdening her debt to income ratio. Paying down debt and reestablishing new credit seemed mutually exclusive. “I felt like I needed a lot of help with my credit,” she lamented.
Fortunately, with support from Covenant Community Capital, she found that help a few steps away with WilliamPaid, an online rental payment processor that reports its clients rent payments to Experian RentBureau. After enrolling with WilliamPaid to have her rent payments reported she saw about a 50 point increase in her credit score by backdating her rental history to the beginning of her lease.
With a score currently in the 700’s she believes that purchasing a home is now only a matter of building her savings. She now feels creditworthy and more in control of her credit. She hopes to purchase a home within the next 12 months. “I never thought I would get this far,” she says. “They made the process easy.” Her recommendation for those struggling to build credit: Use WilliamPaid. “The only thing you have to lose is bad credit.”