Q: Why should I report my rent?
A: Reporting your rent to credit bureaus can be beneficial if you consistently pay your rent on time. It allows you to add positive payment behavior to your credit report without taking on additional loans or lines of credit. While reporting your rent can have a positive impact on your credit score, it's important to remember that your credit score is influenced by various factors, such as your credit utilization ratio, credit mix, and payment history.
Q: How does rent reporting work?
A: When you enroll in rent reporting through Zillow Payments, the following steps occur:
- We identify on-time payments made on our platform within 30 days of the due date.
- We report those on-time payments to Experian.
- A new tradeline will mark each on-time payment as a positive credit action.
- We continue reporting your payments monthly for as long as possible.
Q: What counts as an on-time payment?
A: Any payment processed on our platform within 30 days of the due date is considered an on-time payment. Payments that are more than 30 days past due will not be reported to Experian. You have the option to opt-out of this service at any time.
Q: What happens if a payment is late?
A: Late rent payments will not be reported to Experian through Zillow Payments. However, consistently paying your rent on time is important if you want to improve your credit score, as it allows your on-time rent payments to be reported each month.
Q: When will I see a change in my credit score?
A: It typically takes at least 30 days for your credit score (FICO® 9/XD/10/10T and VantageScore® 3.0/4.0) to be updated once you start reporting your rent payments.
Q: What information of mine is Zillow sharing with Experian?
A: To verify your identity and enable the reporting of your on-time rent payments, the following data is shared monthly via secure and encrypted systems:
- Your identifying data (name, address, date of birth)
- Your lease data
- Your payment data
Q: Can Zillow see my credit history?
A: No. We provide your payment data to Experian, but we do not do any soft or hard credit pulls on your credit report as part of this service. For instructions on how to view your credit report for free, consider using this service.
Q: Can I opt out of rent reporting?
A: Yes, you have the option to opt out of this service at any time through your payments dashboard. However, please note that once you opt out during your current lease term, we currently do not support re-enrollment in the program.
Q: How much does rent reporting cost?
A: Rent reporting is free when you use Zillow Payments. Unlike other providers who may charge fees for rent payment reporting, such as enrollment or monthly subscription fees, we believe in providing the opportunity to build your credit at no cost.
Q: I already have great credit. Do I need this?
A: Even if you already have excellent credit, using this service can still benefit you. Paying your rent on time through this service can further boost your credit score.
Q: What happens if I see an inaccurate report on my credit report?
Q: Which credit bureaus are my rent payments reported to?
A: Zillow reports your rent payments to Experian.
Q: Which credit scores will this impact?
A: By enrolling in rent reporting, your on-time rent payments can increase your credit score. This is especially true for credit scores that incorporate rental data, such as VantageScore® 3.0 and 4.0, and FICO® Scores 9 and 10. It's important to note that using a rent-reporting service may have minimal effects on your credit utilization ratio, depending on your recent history.
Q: If I opt-out of rent payment reporting, can I opt in again in the future?
A: Once you opt out of Zillow rent payment reporting on a current lease, there is currently no way to opt back into the program. This includes renters who are automatically unenrolled due to insufficient payment history after 3 months of no on-time payment history.