New Product for Rebuilding Credit After Bankruptcy
Interesting development for Oregon bankruptcy clients trying to rebuild their credit after bankruptcy. No idea whether the product is really worthwhile, but Rent Track allows Oregon renters to have their rent payments factored into their credit scores. It requires only the renter and property manager to sign a form and the tenant them makes payments online either by e-check or credit card. The payment is then reported to the credit bureau with scores reflecting the on time payment.
Apparently twenty percent of Rent Track users have seen an increase in their credit scores by 10 points or more. So far at least one study on Rent Track forecasts that percent of renters’ scores will increase. I guess the real question is pricing. Keep in mind that most credit scores recover exponentially after bankruptcy anyway.