Thursday, February 10, 2011

Rent payment history becoming a two-way street

The Woodstock Institute's credit union blog reports Experian has started adding rent payment history to credit reports. "Currently, they are going to report only positive payment history, such as continuous and on-time payment of rent; negative payment history will be included in 2012."

Maybe that's good. Already, in many circumstances, people who face court eviction have their future ability to rent dinged by the background-check companies (Californians are only partly protected by Cal. Code of Civil Procedure Sec. 1161.2). So why shouldn't good rent payment histories count favorably?

Also, for people such as immigrant professionals who have good jobs and pay their bills on time but haven't been in the habit of using credit cards, why shouldn't good rent payment histories help them develop a record with financial companies?

Yeah, until a malicious landlord decides to sit on someone's check and not cash it, or until... until...

So, yep, for every ladder there's a chute. Is there a way for this not to be true?

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