In most cases, no. A clean rental history doesn't help to improve your credit score. However, providing evidence of a good rental history makes the perfect reference when you're applying for a new rental property or for a home loan in future.
It's important to note that while a good history of rental payments doesn't contribute to to your credit score, a bad history and being blacklisted will definitely have a negative impact on borrowing money.
Do you feel like you’re not getting enough credit for being an awesome tenant? When you're doing everything right, you should be rewarded. That's why we built our Scorebuilder feature to reward renters.
Scorebuilder is a unique, optional feature in RentPay. With Scorebuilder, you may build your credit score and access up to one week's rent through a line of credit.
Every month you hold an open Scorebuilder line of credit, even if you don't draw from it, we'll report your account status to Equifax, one of Australia's largest credit reporting bodies. This means your rent repayment history contributes to your credit score. This may help improve your borrowing capacity for life's bigger purchases, like a car or a property of your own.
If you're eligible for the Scorebuilder line of credit, funds will be paid into your RentPay wallet, then used to make your scheduled rental payments on your behalf. You then repay it back over the next four fortnights. You must be opted in to Scorebuilder for 30 days before you can access this line of credit.
If you're maintaining a good account status, reporting that to the credit reporting body over time may have a positive impact on your credit score.
How does getting a better credit score sound just by paying your rent on time sound?
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 loan repayments.
You might also like:
> Credit scores: Do they actually matter in Australia?
> Six finance tips every renter needs to know
> How to ace your RentPay game
