Credit Building Program FAQs
How does the credit building program help me as a resident?
The credit building program helps build credit by reporting your rental payments to the three major credit bureaus. For many renters, rent is often their largest monthly recurring expense, yet less than 2% of rent in the United States is positively reported to the credit bureaus. By reporting this data, you are rewarded for paying your rent on time and in full. This can positively impact your credit score and future financial opportunities, such as a home or auto loan.
Why does the credit building program work?
Your payment history makes up about 35% of your credit score. Paying your bills on time means that you are responsible. Regardless of whether or not you have been late on other payments in the past, reporting your rental payment history with the credit building program could make a big difference in improving your credit. With a good credit score, you will be rewarded with lower interest rates, better odds of approval for large purchases, and lower deposits.
Is there a fee associated with the credit building program?
Yes, there is a $9.99 per tenant per month fee to be enrolled in the program.
How long does it take for my rental payments to reflect on my credit report?
Your rental payments are typically reported to the credit bureaus on a monthly basis.
Can I opt-out of the credit building program if I don’t want my rental payments reported?
The credit building program is designed to benefit you by helping you build credit. Opting out of the program would mean missing out on the opportunity to establish a positive credit history through timely rental payments. You may opt out within 30 days of your lease start date or renewal lease start date and all credit building charges will be removed. To opt-out, please complete the form by clicking on this link: Granite Credit Building Opt-Out Form
**Please note that opt-outs may take 24-48 hours to update**
Does the credit building program guarantee an improvement in my credit score?
While the credit building program can contribute to building a positive credit history, individual credit scores are influenced by various factors. Regular, on-time payments through the credit building program can have a positive impact over time.
Will the credit building program report late rental payments to the credit bureaus?
There can be a negative impact on your credit history with or without utilizing the credit building program if you pay rent late.
Can I use the credit building program to report past rental payments and improve my credit score retroactively?
The credit building program typically reports rental payments from the time of enrollment. It may not be possible to retroactively report past payments, but you can start building positive credit history moving forward.
Can the credit building program help me establish credit if I have no credit history?
Yes, the credit building program is particularly beneficial for individuals with limited or no credit history, as it allows you to start building credit through regular and timely rental payments.
