You probably already know having good credit matters—it can help you qualify for mortgages, get your next rental, and open credit cards. But it can be difficult to start building credit, especially if you don’t have any credit history.
There’s an easy way to start building your credit history without taking on any additional debt. Report your Cozy rent payments to Experian RentBureau, and those payments will show up on your Experian credit report. Those payments will be added as a new tradeline on your Experian credit report, which ultimately may be factored into your credit score.
You can turn on reporting in Cozy in “Your Settings,” and it’s totally free. We’ll send your Cozy rent payment history (including past payments) to Experian RentBureau.
Once you turn on rent reporting, the tradeline will look like this (“Edc” is short for Experian Data Corporation):
It takes one to two months for the payments to appear on your tradeline, and you can stop reporting your rent at any time. If you turn off rent reporting before the end date on your lease, the Cozy tradeline may be deleted from your Experian credit report.
If you skip paying through Cozy for a month, your report will show “No Activity” for that month. That means if you want to pay outside of Cozy for a month—that’s okay. It wouldn’t be treated as a late payment on your credit report.
Happy credit building!