Credit Builder Program
Helping Residents Build a Stronger Financial Future
As a resident of Tricon Residential, your positive rent payments will be reported to Experian, TransUnion and Equifax. Simply pay rent as you normally do, and no other action is needed. Late payments, missed payments, or other defaults on your rental account will not be reported.
Many major life decisions are connected to your credit score. These can include getting approved for a new credit card, getting a lower rate on car insurance, and working with a bank on a mortgage for a new home. Through our program with RentTrack*, as a Tricon resident, your rent payments can count toward your credit score – which can put you on a path to a brighter financial future.
How It Works:
As a resident of Tricon Residential, simply pay rent on time and your payments will be reported to the three bureaus.
Benefit From Free Rent Reporting:
Rent reporting can be a valuable tool and could improve your financial health.
It’s All Positive:
This free service reports only on-time rent payments, allowing you to take advantage of the positives without worrying about the negatives. Late payments, missed payments, or other defaults on your rental account will not be reported.
Voluntary Opt-Out:
You may opt-out at any time.
FAQs
What is a Credit Score?
A credit score is a three-digit number that tells banks and other lenders about “creditworthiness.” Many major life purchases are connected to your credit score. Banks, other lenders and some insurance companies will usually check your credit score any time you pursue a new loan or financial product. These can include getting approved for a new credit card, getting a lower rate on car insurance, and working with a bank on a mortgage for a new home.
The three main credit reporting agencies – Experian, TransUnion, and Equifax – compile information into your credit report, and this information is used to generate a credit score.
Who is RentTrack?
RentTrack is a company that works with housing providers and residents to report rent payments to the three agencies – Experian, TransUnion, and Equifax. When you upgrade your subscription with RentTrack, at a cost of $3.95/month, and validate your identity, residents can view their score, see factors affecting their credit, and track changes with monthly updates.
Aren’t rental payments already reported?
No. Many residents may not realize that their rent history is not part of their credit score. In many past cases, only late rent payments — usually tied to an eviction – are reported to credit agencies.
How long does it take to see improvement in my credit score?
Your credit score updates based on factors that change in your credit report. The effects of rent reporting payments may not be immediately visible. Individual results will vary.
What happens if I don’t pay rent on time?
RentTrack does not report missed or overdue payments.
I would prefer not to participate in Rent Reporting, is it required?
We respect your privacy. You can opt-out at any time by visiting the RentTrack website, creating an account, and canceling your subscription. For detailed instructions on how to cancel your subscription, click here.
What if I’m late or miss a rent payment?
The credit builder program only reports positive rent payments. Late or missed payments will not be reported to the three credit bureaus.
How will my payments show up on my credit report?
Rent payments will show up on your credit report as “SELF RENT – RENTTRACK.”
What company are you using to report rent payments?
Rent will be reported by RentTrack. You are able to create an account with RentTrack to manage your account, add additional services, or opt out of rent reporting.
* Individual results vary. You may not receive an improved credit score. Other factors, including activity with other creditors, may impact results. Not all lenders, including auto and mortgage lenders, use scores impacted by rent.
Residents who receive government housing assistance are exempt from automatic enrollment, but may opt into the program by contacting Tricon.
This program can stop at any time.