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EmailCoreLogic, FICO add rental payments into credit scores, reports
New procedures could improve scores of renters, increase chances of obtaining loans
Credit reporting companies CoreLogic and FICO have begun including rental payments as a factor in determining an individual’s credit score, according to a New York Times report. This could ultimately help those forced into renting by foreclosure to rebuild their credit scores, provided they keep up with rental payments.
The new procedures could be especially beneficial to recent college graduates, students, some divorced individuals, and others who are unable to rebuild their credit scores through other means. Opponents of the plan worry that reporting errors could combat the usefulness of the adjusted scores; they also argue that the nature of missed rental payments — such as landlord-tenant disputes — cannot be accurately reflected on paper.
Experian adopted the program last year, providing information on rental payments to millions of people. In 2012, the company will add notes on negative rental-related actions, such as bounced checks.
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