GENERAL INFORMATION

​

1. What is rent reporting?

Answer: The Rent Reporting Service is a program that helps you build your credit history by reporting your on-time rent payments to the credit bureaus. This can positively impact your credit score, making it easier for you to access credit, loans, and better financial opportunities in the future.

 

2. How does rent reporting benefit me?

Answer: By having your on-time rent payments reported to credit bureaus, you can build a positive credit history. A good credit score can help you get lower interest rates on loans, qualify for better credit cards, and even make it easier to rent future housing or get utility services.

 

​

COST

3. Is there a cost associated with rent reporting?

Answer: No, there is no cost to you as a tenant for participating in the rent reporting service. It’s a benefit provided by Hogan's Alley to help you build your credit.

 

​

ENROLLMENT PROCESS

How do I enroll in the Rent Reporting Service?

Answer: Enrollment is simple. You just need to provide your consent to your land to report your rent payments. This can usually be done by signing a consent form.

 

Can I opt-out of the Rent Reporting Service if I change my mind?

• Answer: Yes, you can opt-out of the service at any time by contacting Hogan's Alley Society and requesting to be removed from the program. However, keep in mind that building a positive credit history can be very beneficial in the long run.

INFORMATION AND REPORTING

What information will be reported to the credit bureaus?

• Answer: Only your on-time rent payment history will be reported. This means that if you pay your rent on time, it will positively reflect on your credit report. No other personal information will be shared.

What if my rent is paid by the government or through subsidies?

• Answer: Even if your rent is paid through government subsidies, your on-time payments can still be reported and contribute positively to your credit history.

Will late rent payments affect my credit score?

• Answer: Yes, late payments can negatively impact your credit score. It's important to pay your rent on time to maintain a positive credit history. If you are facing difficulties, please reach out to Hogan's Alley Society for support.

How will I know if my rent payments are being reported correctly?

• Answer: You can check your credit report periodically to ensure that your rent payments are being reported accurately. If you notice any discrepancies, contact Hogan's Alley Society immediately.

Will my personal information be safe?

• Answer: Yes, your personal information is kept confidential and secure. Only your rent payment history is shared with the credit bureaus, and no other personal details are disclosed. The reporting process complies with all privacy and data protection laws to ensure your information is handled safely.

 

 

IMPACT AND BENEFITS

How will this impact my ability to get other financial services?

• Answer: A positive credit history can improve your chances of getting approved for loans, credit cards, and other financial services. It can also help you qualify for better interest rates and terms.

 

 

 

Will this affect my ability to get a mortgage in the future?

Answer: Yes, positively. Having a good credit history, including regular rent payments, can improve your chances of getting approved for a mortgage and securing better interest rates.

 

How long will it take to see an impact on my credit score?

• Answer: You may start to see an impact on your credit score within a few months (2-4months) of on-time rent payments being reported. The exact time can vary based on your overall credit history.

What happens if I miss a rent payment?

• If you miss a rent payment, it will be reported as a late payment, which could negatively impact your credit score. It's important to communicate with Hogan's Alley if you're experiencing difficulties making payments.

How can I track the impact on my credit score?

Answer: You can monitor your credit score through various free credit score monitoring services. The impact on your score can usually be seen within a few months of consistent reporting.

 

Will this service affect my lease agreement or rental terms?

Answer: No, enrolling in the rent reporting service will not change any terms of your lease agreement. It only affects how your rent payments are reported to the credit bureaus.

 

Does the rent reporting include past rent payments?

Answer: Typically, rent reporting starts from the date you enroll in the service. However, in other cases, your past rent payments will also be reported with your consent.  

 

Can rent reporting help me if I already have a good credit score?

Answer: Yes, even if you already have a good credit score, consistent rent reporting can further strengthen your credit history and help you maintain a strong credit profile.

 

 

 

SUPPORT AND ASSISTANCE

Who can I contact if I have more questions or need help?

• Answer: If you have any questions or need assistance, you can contact Hogan's Alley Society directly. They are here to help you understand the process and ensure you get the most out of this service.

What support is available to help me understand the Rent Reporting Service?

• Answer: Hogan's Alley Society will be conducting workshops to help you understand the benefits of the Rent Reporting Service and answer any questions you might have.

Are there any additional resources to help me manage my finances?

• Answer: Yes, we also offer financial literacy programs to help you manage your finances better and make informed decisions.