After Matt, our CEO, graduated from college and started his first successful credit business, he went to purchase his first home. Even though he had been paying his rent on-time for many years, it did not show up on his credit report or help his credit score. In fact, his credit was still pretty limited at that point. Matt had a hard time qualifying and was forced to postpone the purchase of his dream home.
Matt was again reminded of the importance of building credit when the Credit CARD Act was passed which changed the legal age of credit card holders from 18 to 21. He struggled with how college graduates were going to fare after school when starting off with zero credit.
RentTrack was born from the basic idea that renters should have the same benefit from renting as mortgage holders. Rent effectively is a contract and why shouldn’t you get credit for it? We believe if residents want to pay online and build their credit, everyone benefits.
RentTrack is the only company that has been approved by all three major credit bureaus Equifax, Experian & TransUnion to report rent payments. Our goal is to make RentTrack the most loved payment option for renters across the country.
Facts and Figures
- Founded: 2013
- Employees: 20+
- East Coast Offices: 4601 Excelsior Blvd., Suite 503, St. Louis Park, MN 55416
- West Coast Offices: 505 Bath St., Santa Barbara, CA 93101
- Existing Customer Housing Types: Multi Family, Single Family, Home Owners Association (HOA), Student Housing
- Memberships: National Apartment Association, National Multi-Family Housing Council, Rental Housing Network
Recent press releases
- Jan 25, 2016 - Curtis Knievel Joins RentTrack Team
- Jan 13, 2016 - RentTrack Officially Launches Rent Reporting to Equifax
- Aug 12, 2015 - PropertyBoss and RentTrack Offer Seamless, Easy Process for Online Rent Payments and Rent Reporting
- Mar 19, 2015 - RentTrack Integrates with ResMan Property Management Software
- Mar 6, 2015 - RentTrack Studies the Impact of 6 Months of Rent Reporting
- Nov 16, 2014 - RentTrack Partners with MRI Software
- Sep 23, 2014 - RentTrack Teams up with TransUnion to help Renters Build their Credit History
- Jun 18, 2014 - RentTrack collaborates with Experian RentBureau to give consumers more control over their credit history
- May 2, 2014 - RentTrack Signs Integration Partnership With Yardi
- Apr 1, 2014 - RentTrack Delivers Integration With Promas
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Recent Press Coverage
Who's Your Landlord? Rent Increasingly Being Factored Into Credit Scores, But Not For Everybody
“Still, the bigger stumbling block is extending rent reporting to the squadrons of people renting from small landlords. Some companies are experimenting with services that empower renters to request rent reporting, but it still depends on their landlord’s cooperation and most don’t send the rent information to all three credit bureaus. RentTrack is one exception: it recently partnered with Credit.com to help renters get their rent reported and has a relationship with all three bureaus.”
Tenants can now have their history of rent payments incorporated into their credit scores
“Experian and TransUnion have begun incorporating verified rental-payment data into credit files where it can be included in the computation of scores for consumers applying for a mortgage… Experian announced last week that it is teaming up with RentTrack, a service that allows tenants nationwide to pay their rent online and have their monthly payments included in Experian credit reports. TransUnion confirmed that it, too, is working with RentTrack”
RentTrack service helps renters build credit
“None of the bills you pay show up in your credit report. That’s why when people talk about credit reports they always talk about credit cards. You need to get a credit report every month, because that’s the way you build your credit. It’s fundamentally about your credit card,” said Ward…Now there’s a service that allows you to build your credit score while paying your rent. Experian and Transunion are teaming up to start an online rental payment plan known as RentTrack. It will allow users to pair rental payment histories with their credit scores.