Rental reporting is a powerful tool if you're planning to apply for a mortgage. Lenders often look for a reliable history of repayments on your credit file to assess your creditworthiness.
How Does Rental Reporting with Bits Work?
Open Banking Access: By using Bits for rental reporting, you allow us to have view-only access to your bank transactions through secure open banking. This access lets us identify and verify your rental payments without any risks.
Reporting to Equifax: We report these payments to Equifax, one of the leading credit bureaus. By doing so, we build a history of on-time payments, demonstrating to future lenders that you are a reliable borrower.
Why Is It Important?
Rental payments are often higher than what many people would pay on a mortgage. This makes them a highly accurate reflection of your ability to manage regular, significant payments. Showing a history of timely rental payments can greatly enhance your credibility when you apply for a mortgage.
Using rental reporting can help pave the way to securing a mortgage by proving your financial responsibility and stability to lenders. If you have any questions about how to set up rental reporting with Bits, feel free to contact us. We're here to help you make the most of your financial opportunities!
Please note it takes 6 successful rent reporting events for it to appear in your Equifax file.