A clean rental history showing on-time rent payments doesn't typically help to improve your credit score. However, RentPay's optional Scorebuilder feature means you can make paying rent count towards building your credit status. More on that soon...
Nevertheless, providing evidence of a good rental history can help to strengthen your application for a new rental property or home loan in future.
It's important to note that while your tenancy history doesn't contribute to to your credit score, a patchy history and being blacklisted on a tenancy database will negatively impact on future rental applications and borrowing money.
Do you feel like you’re not getting enough credit for being an awesome tenant? When you're doing everything right, we think that you should be rewarded.
That's why we built our Scorebuilder feature to help renters make their rent money work harder and to get ahead.
How does getting a better credit score while renting sound? Pretty good, right?
A healthy credit score may improve your borrowing capacity for life's bigger purchases, like a car or getting into your very own home.
Scorebuilder is a unique, optional feature in RentPay. It allows users to access an approved line of credit to help cover unexpected, one-off expenses while helping to boost their credit score.
The application process is quick and easy; simply log into your RentPay account and follow the prompts from the dashboard to apply for Scorebuilder.
Every month you hold an open Scorebuilder account, even if you don't draw from it, we report your account status monthly to one of Australia's leading credit bureaus.
By staying up-to-date with your Scorebuilder account—through always paying any fees and loan repayments (when needed) on time—your good financial conduct may have a positive impact on your credit score.
Important note: Scorebuilder's impact on your credit score will depend on various factors, including other sources of credit outside of RentPay, such as credit cards or other loan repayments.
You might also like:
> Credit scores: Do they actually matter in Australia?
> Payday success: Habits for effective money management
> How to ace your RentPay game
