Paying rent with a credit card is a convenient way for renters to manage their finances and earn rewards. CreditMyRent is one of the most popular rental reporting services which also allows renters to pay their rent online using their credit cards. However, with the recent closure of the company, many renters are left wondering what other options are available and if paying rent with a credit card is still a good idea.
This review article will examine the pros and cons of paying rent with a credit card, explore alternative services to CreditMyRent, and provide tips to improve your credit score using this payment method. We will also analyze the fees and rewards associated with paying rent with a credit card and recommend the most affordable and effective credit reports and services.
What is Credit My Rent?
Credit My Rent, a now-defunct rent reporting service offered by UCES Protection Plan Services, helped renters build their credit score by reporting the history reported their monthly rental payments to major credit bureaus like Experian and TransUnion. The service was beneficial for renters who did not have a significant credit history or those with poor credit scores. By regularly reporting rental payment history, Credit My Rent helped renters establish a positive payment history and improve their credit scores.
Credit My Rent offers various membership plans, allowing users to choose the best option for their budget and credit-building goals. However, the service is no longer available, and renters must look to alternative rent reporting services if they wish to continue building their credit through their rental payments.
Who Founded Credit My Rent?
Credit My Rent was a service provided by UCES Protection Plan Services. This company offers various credit-related services, such as credit monitoring, identity theft protection, and credit services. While UCES Protection Plan Services offered Credit My Rent to help renters build their credit by reporting rental payments to credit bureaus, the company no longer provides this service.
Who’s Credit My Rent For?
Credit My Rent was primarily designed for renters who wanted to build their credit score by using their rental payments to establish a positive payment history. This service was particularly useful for individuals who did not have a significant credit history or those with no rental history but a poor credit score, as it could help them establish a positive payment history and improve their credit score over time.
Credit My Rent was an ideal solution for individuals with bad credit who want to improve their credit score and anyone who wants to see a change in their credit report. Additionally, it may benefit renters who wish to add a positive tradeline to their credit report and improve their score increasing their chances of being approved for credit.
How Does It Work?
The service worked by charging the rent to the renter’s credit card and transferring the rental payment information to the landlord or property management company. Credit My Rent would also report the rent payment history to major credit bureaus, helping renters establish a positive payment history and improve their credit scores over time.
Credit My Rent offers various membership plans with different features and transaction fees. Renters would typically sign up for a membership plan and link their credit card to their account to start using the service. However, Credit My Rent is no longer in operation, and renters must look to alternative rent reporting services if they wish to report rent payments and continue building their credit through their rental payments.
Credit My Rent Pricing before closing
Credit My Rent by UCES Protection Plan Services offered three different pricing options, which included a monthly fee for time rent payments and a setup fee for reporting previous rent payments:
- Monthly Plan with No Setup Fee: $9.95/month
- Monthly Plan with 1 Year Payment History: $9.95/month + $99 fee
- Monthly plan with 2-Year Payment History: $9.95/month + $149 fee
Renters could choose the plan that best fits their needs and budget.
Is Credit My Rent worth it?
It’s difficult to determine if paying rent build Credit for My Rent was worth it, as the service is no longer available. However, for renters looking to build their credit score by reporting their rental payments to credit bureaus, Credit My Rent may have been a viable option. Considering the costs associated with using rent reporting services and weighing the benefits before enrolling in a membership plan is important.
Is This Service A Scam?
There is no evidence to suggest that Credit My Rent by UCES Protection Plan Services was a scam. The service was offered by a reputable company, UCES Protection Plan Services, providing credit monitoring, identity theft protection, and credit repair services past rent.
Credit My Rent’s main service was to report rental payment information and history to credit bureaus to help renters build their credit scores. While some renters may have had concerns about the service’s pricing and fees, there have not been any reports of fraudulent activity or scams associated with Credit My Rent.
CMR Alternatives
Suppose you’re looking for an alternative report of your rent to Credit My Rent by UCES Protection Plan Services. In that case, several rent reporting services can help you build your credit score by reporting your rental payment history to credit bureaus. Here are five options to consider:
- RentTrack: RentTrack is a rent reporting service that allows renters to build credit by paying rent online. The service reports rental payment history to all three major credit bureaus and offers membership plans starting at $6.95/month.
- Rental Kharma: Rental Kharma is a rent reporting service that reports rental payment history to TransUnion. The service offers a one-time setup fee of $50 and a monthly membership fee of $8.95.
- PayYourRent: PayYourRent is a rent payment and reporting service that allows renters to pay their rent online and write rental payment history to credit bureaus. The service offers various membership plans starting at $9.95/month.
- LevelCredit: LevelCredit is a rent reporting service that reports rental payment history to credit bureaus and offers various membership plans starting at $6.95/month. The service also provides a rent guarantee program, which allows renters to pay rent with a credit card without incurring any fees or interest charges.
- ClearNow: ClearNow is a rent payment and reporting service that allows renters to pay rent online and write rental payment history to credit bureaus. The service offers various membership plans starting at $14.95/month.
- BoomRent: BoomRent is a service that enables individuals to report their rental payment history to credit bureaus, helping to build credit; pricing varies based on subscription tiers and reporting options.
When choosing a rent reporting service, it’s important to consider each option’s pricing, features, and benefits to find the best fit for your needs and budget. Renters should also check with their landlord or property management company to ensure the ongoing reporting service is accepted and to inquire about additional fees or requirements.
Pros and Cons of Credit My Rent
Pros:
- Helped renters establish a positive payment history and improve their credit score by reporting rental payments to credit bureaus
- Offered various membership plans with different pricing structures and additional services like credit monitoring and identity theft protection
- Allowed renters to pay rent with a credit card and potentially earn rewards on their credit card spending
Cons:
- The service is no longer in operation, so renters must look to alternative rent reporting services to continue building their credit through rental payments.
- The pricing and fees associated with using the service may have been more expensive than other rent-reporting services.
- Renters may incur additional fees and interest charges when paying the rent with a credit card, which can add up quickly and offset any potential rewards earned.
It’s important to note that the pros and cons of Credit My Rent may vary depending on individual circumstances and experiences. Ultimately, renters should carefully weigh the costs and benefits of any rent reporting service before enrolling in a membership plan.
FAQs
How long did it take for Credit My Rent to report rental payment history to credit bureaus?
Rental payment history was typically reported to credit bureaus within 5-7 days of payment processing.
Did Credit My Rent offer credit repair services?
Yes, UCES Protection Plan Services (the company behind Credit My Rent) offers credit repair services and rent reporting.
What were some common complaints about Credit My Rent?
Some renters complained about the service’s cost, additional fees and interest charges associated with paying rent with a credit card, and delays in reporting rental payment history to the three credit bureaus used.
Why Credit My Rent By UCES, is no longer in service?
Why Credit My Rent by UCES Protection Plan Services is closed needs up to two years to be clarified. The company has not released an official statement or information about the closure. Some possible reasons for the closure include changes in the rental payment industry, regulatory issues, or financial difficulties. However, without the company’s official information, the closure’s exact reason remains unknown.
Closing words
In conclusion, Credit My Rent by UCES Protection Plan Services was a rent reporting service that enabled renters to build their credit score by reporting rental payment history to credit bureaus. While the service is no longer in operation, several alternatives, rent history reporting services can help renters achieve their credit-building goals.
When choosing a rent reporting service, renters should consider each option’s pricing, features, and benefits to find the best fit for their needs and budget. Renters should also be aware of any additional fees or interest charges associated with paying rent with a credit card and should carefully weigh the costs and benefits of using a third-party service to pay rent.
Rent reporting services like Credit My Rent can be valuable for renters looking to improve their credit scores and establish a positive payment history. However, renters should always research and compare options to find the most affordable and effective service.
