If you have had trouble establishing your business credit score, it can interfere with your business growth. It can be difficult to find other sources to help improve your credit score without risking doing more harm than good. One of the most frustrating aspects of credit score reports is that they do not tend to show a record of rent payment. As a business owner, paying your rent on time is a priority, as you must keep your business operational. If your rent history is impressive, it would be a shame not to have it included on your credit score.
Unfortunately, you can’t report your rent payments on your own behalf, so you need someone to do it for you. That’s where business rent reporting services come in. Rent reporting services can help improve your business credit score by sending automatic reports to credit bureaus to track your rent payment history. It is easy to set up and very affordable, making it well worth your while to investigate. Here is everything you need to know about business rent reporting and how you can set it up.
We’ve covered the basics already, but to be more specific, rent reporting services collect your landlord’s information and arrange to have a report sent to credit bureaus when you pay your rent. This allows you to quickly improve your business credit score as it shows you are making consistent payments in full and on time.
There are different services available and each will send reports to various credit bureaus. At Debie Ratings, for example, we send rent reports to:
These are the main credit bureaus you want to target, as they are the most popular resources for businesses.
Simply put, rent reporting can help build your credit and improve your credit score. Because your credit score is based on many different sources, adding a record of positive payment histories works to your benefit. It also helps when you are looking to make a move to a new store or office, as there is a specific record showing your payment habits of paying your rent on time.
Not every business needs rent reporting services. However, if you are a small business owner looking for ways to boost your business credit score with credit agencies like Equifax, D&B,
LexisNexis, and Experian, then this is an economical solution that won’t have any negative effects on your credit rating. As well, your lease payment history can be used to not only build payment history but also get you the money you need to grow your business. Ideally, companies with leased brick and mortar shopfronts including restaurants will see the most benefit from rent reporting services. However, professionals renting office space will also benefit, especially when first starting out.
A good starting point is to speak to your property manager to see if they use a reporting service. They can pass on a recommendation and it’s also easier as the service will have your pertinent information. If you don’t get a recommendation, you want to find a reporting service that offers the following:
Debie Ratings offers all these things and more, free of cost.
There is nothing complicated about setting up rent reporting when you deal with Debie Ratings:
1. Simply apply online with your EIN
2. Carry on with your rent payments as usual.
Your reports will be sent on your behalf without any work required on your end.
With Debie Ratings, you there are no fees to submit your rent history to credit bureaus. You can also access your reports for free.
You can choose who sees your report. For example, if you are looking for a new space for your business, you might want your real estate agent or landlord to have access to your report.
As you can see, business rent reporting offers an easy solution to help improve your business credit rating.