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Other useful methods to Build Credit

Did you know...

There are some subscription services that can help you build credit! Some of these services work by reporting your regular, recurring payments (like rent, utilities, or even streaming subscriptions) to the credit bureaus, which can help build your credit history.

Here are a few services that could help in this way:

  1. Experian Boost: This free service from Experian allows you to get credit for on-time utility and telecom payments. You can connect your bank account and choose and verify the positive payment history you want added to your Experian credit file.

  2. RentTrack: If your landlord doesn’t report your rent payments to the credit bureaus, RentTrack can do it for you. There is a monthly fee, but it may be worth it if you’re trying to build or rebuild credit and your rent is a significant part of your monthly spending.

  3. Self (formerly known as Self Lender): This service allows you to take out a small loan that is held in a certificate of deposit for you until you pay it off. Your regular payments are reported to the credit bureaus, helping to build your credit history. There is a monthly fee.

  4. Altro: Altro reports your recurring payments such as Netflix, Spotify, Amazon Prime, and more to credit bureaus to help build your credit history. As of 2023, this service was free.

Please note that not all these services report to all three major credit bureaus, and their effectiveness can vary. It’s also important to know that building credit is a long-term process and it’s crucial to manage all of your credit responsibly.

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