Paying your rent with Flex gives you the opportunity to build your credit profile with one of your largest monthly expenses - rent. 

Flex Rent Reporting is an optional feature that is included in your Flex membership. When you pay your rent with Flex, Flex will automatically report your on-time rent payment to TransUnion - building your on-time payment history. Flex will never report anything but on-time payments to TransUnion).

Currently, most landlords do not automatically report rent payments to credit bureaus which means consistent on-time rent payments are not factored into your credit history by the credit bureaus. Using a rent reporting service like Flex gives renters the ability to build on-time payment history, which is the largest input of credit score calculations.

What are the benefits of Rent Reporting my rent paid with Flex?

Reporting on time rent payments to the credit bureaus can help establish credit history by adding a rental payment tradeline to your credit report. Reporting on-time rent payments to your property can impact factors such as payment history, credit age and types of credit - all of which can factor the calculation of your credit score using VantageScore 3.0 and VantageScore 4.0. There is no guarantee that your credit score will change as a result of rent reporting. Credit Score calculation takes into account a number of factors outside of just those impacted by rent reporting. 

Note: You might see a slight drop in your credit score when your account is first reported. This is normal and can happen when a new tradeline is opened, this can happen because the average length of your credit history may be shortened. As your account ages and on-time payments are reported, you should expect to see this change.

How is your credit score calculated?

Depending on the lender or place you view your credit - your score will be calculated using FICO or Vantage Score. Both scores take into account:

1. Payment History: Your record of on-time payments made towards your outstanding balance(s) is the largest factor when calculating credit score. A record of on-time payments indicates to potential lenders that you have a track record of paying off your outstanding balances when you are supposed to. 
2. Amounts Owed: This represents how much money you own in relation to the money that is available for you to use. 
3. Credit Age: This is the average age of your credit accounts. The longer your accounts are open the better your overall credit age will be. Keep in mind that each time you open a new account, your average credit age will go down because your average age could go down with the introduction of a new account. This impact can be offset with consistent on-time payment history and keeping the account open. 
4. Credit Mix: Credit mix represents the different types of credit you have. Having diverse types of credit such as credit cards, revolving loans, installment loans, etc. can help improve your credit profile. Remember, what’s most important is that you only take on credit that you can pay back on time as payment history comprises a larger share of your credit score calculator. 

Turning Rent Reporting On

All flex customers have rent reporting automatically turned on, but you have the flexibility to turn it off whenever you prefer. 

Note: Customers who choose to keep rent reporting after it was launched in February 2024 will have all rent payments made through Flex within the previous 12 months (as applicable) included in the historical records reported to credit bureaus. This means your past rent payments through Flex will become part of your credit history.

Turning Rent Reporting Off

If you prefer not to receive the benefit of rent reporting, you can easily turn it off within the Flex App. Simply navigate to Settings > Rent reporting > Toggle off Rent reporting. 

If you don’t want Flex to report your rent paid in the current month, make sure you turn off rent reporting by the 20th of the month. For example, if you used Flex to pay your rent in March and you don’t want Flex to report your rent payment, be sure to turn it off by March 25th 12am ET. Your rent reporting preferences will be saved until you decide to make any changes.

What happens when I turn Rent Reporting off?

If you have already had at least 1 month of rent reported, Flex will close your rent reporting tradeline. It’s important to know that Length of Credit is also an input into your credit score calculation. So the longer you have your rent reporting account open, the more benefit you will receive. 

What happens to my rent reporting account if I don’t pay my rent with Flex in a given month?

Nothing! If you do not pay your rent with Flex in a given month, Flex won’t report anything to the credit bureau(s). Flex cannot report your rent payment to the credit bureau(s) if you did not pay your rent with Flex. 

When and how will I see Flex rent reporting on my credit report?

Flex reports rent payments on the 21st of each month. It can take up to 30 days to see your on-time rent payments reflected on your credit report. You can expect to see it shown as “Flexible Finance” on your credit report and the account type as rental agreement. 

For any additional questions or further assistance, feel free to contact us at help@getflex.com. We’re here to help!