This is a good idea, and hopefully will help people get a leg up. Better credit scores can save you money by opening up lower interest rates.
Landlords will be pissed, this makes it easier for them to buy out of the system and reduces rent to purchase ratio.
We started this in Canada earlier this year.
TIL.
Now I gotta talk to my landlord about registering for it.
Thanks for saying something about it. :)
i love this; i think i’ll move back to california
This is only for tenants obligated to pay on a lease, not for month to month tenants with a rental agreement but no lease- also it’s for apartment buildings with 16 units minimum.
Why on Earth the minimum unit requirement?
Probably to not burden smaller landlords with excess costs for reporting and infrastructure if I had to guess
Meanwhile I have to pay $5 a month to reflect mine
CA landlords can charge their monthly cost or $10, whichever is less.
The only thing I would change is that the landlord is allowed to ONLY charge their exact cost. But otherwise yeah this is a good idea (having your rental payments show or affect your credit score).
Monthly cost or $10, whichever is less, is better. It means the landlord is incentivized to keep costs down. Even if it costs the landlord $50, they can only charge the tenant $10. If it costs them $5, they can only charge the tenant $5. It’s a ceiling on the cost.
Maybe I’m misunderstanding.
This is a cost to have your rent showing up on the credit report, correct?
How would the landlord have any control over what they charge?
I assume the landlord uses a service to share rent with the credit report agencies. The landlord can shop around for a cheaper service, or use their cousin who charges $50/tenant but gives the landlord a kickback.
I think assumptions in this case is a bad idea.
If the landlord has a realistic way to control the price then that’s one thing but I would want to see how they control that price. Or if they even have any say in it. If the landlord has no say then the landlord should charge exactly their cost.
Now that’s how you make a law. I love how this is built.
Same. $4.99/month ooo thanks for the penny.
If buying a house is out of reach for people, what the fuck is the point of credit?
Private equity crippling the credit industry. 🙊
