Rental payments can be reported to bureaus to improve credit scores.
By Richard Hernandez
Students living in Tobin Lofts housing on campus are now eligible for a credit-building service.
The service from RentTrack became available for students living in Tobin Lofts in Oct., leasing consultant Shelby Dunford said.
“With (many) college students not having cars, houses or credit cards, many students end up with bad credit scores during their college years,” Dunford said on Nov. 2. “Students that stay on top of their rent and use the service (RentTrack) will really help build their credit.”
The service is offered at Tobin Lofts for a fee of $5 a month, Dunford said.
“RentTrack is a service that allows renters to improve their credit scores,” RentTrack representative Evan Swerdfenger said Oct. 16 in a phone interview. “Through our partnership with Campus Advantage (the company that manages Tobin Lofts), we report rental payments to each of the big three reporting bureaus, which can lead to substantial boosts to credit scores over time.”
Swerdfenger said the service is the only way for people to improve their credit scores without having to use a credit card or taking on debt.
“The credit score improvements add up and make a real difference in their financing and rental options for the future,” Swerdfenger said. “Already we’re seeing score increases that will help people be approved for car financing or apartment leases that they previously may not have qualified for. “
The service is new to Tobin Lofts residents and offers students the option of growing their credit score by paying their rent.
“So far, in the past few months that this program has been underway, there has been an average score change of plus-37 (from 566 to 603) across all of our campuses, with some individuals improving by as much as 180 points,” Swerdfenger said.
The service hasn’t attracted many students yet, but Dunford said she hopes that students put the service to use.
“I wish I had this service when I was in school paying rent,” Dunford said. “I was always on time on my rent and I have nothing to show for it. My credit score is average but it would’ve been better if I had this service.”