How it works
Paying your rent with Flex is a great way to build your credit using one of your biggest monthly expenses, rent!
Flex rent reporting is an optional feature that automatically reports your on-time rent payments to TransUnion, helping to build your credit history. Don’t worry, we only report on-time payments; nothing else is shared.
Since most landlords don’t report rent payments to credit bureaus, using Flex lets you build a positive payment history, which is a key factor in your credit score.
Benefits of rent reporting with Flex
Reporting your on-time rent payments can help build your credit by adding a rental payment history to your credit report. This can impact things like your payment history, credit age, and types of credit, all of which are factors that are used to calculate your VantageScore 3.0 and 4.0.
Just keep in mind that rent reporting doesn’t guarantee a change in your score right away, as there are many factors that go into your credit score beyond just rent payments.
Note: You might see a small dip in your credit score when your account is first reported. This is totally normal and happens when a new tradeline is added, since it can shorten your average credit history. As time goes on and more on-time payments are reported, your score should improve.
How your credit score is 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:
- 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.
- Amounts owed: This represents how much money you own in relation to the money that is available for you to use.
- 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.
- 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 to toggle off Rent reporting and confirm your choice.
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 20th 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.
To update/replace: If you have at least one month of rent reported, Flex will close your rent reporting tradeline when you turn off Rent Reporting. Keep in mind that the length of your credit history is one factor used to calculate your credit score. This means the longer your rent reporting account stays open, the more it can positively impact your score over time.
What happens to my rent reporting account if I don’t pay my rent with Flex in a given month?
Nothing! If you don’t pay your rent with Flex in a given month, we won’t report anything to TransUnion. Flex can only report rent payments made through 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.
Please contact TransUnion directly if you do not see Flex rent reporting after 30-60 days.
You can contact TransUnion by phone or by writing in at:
TransUnion
P.O. Box 2000
Chester, PA 19016-2000
1 (800) 916-8800