RentCred: A Reward Program for Renters

RentCred ™ is an incentive program for renters that rewards them for consistently paying their rent on time through PayRent.com. As they build a payment history with us, they earn the ability to borrow up to $500 as an installment loan for emergency rent payment and to report their rent payments to credit bureaus to build a positive credit history. Renters benefit from improved financial well-being while landlords have more options and incentives at their disposal to collect rent on time every time.

To qualify, renters must make on-time payments through the platform a specific number of times to “unlock” RentCred benefits.

Program Features

RentCred Rent Reporting

PayRent provides renters with an opportunity to build credit by reporting positive rent payment history to all three credit reporting bureaus (Experian, Equifax, Transunion).  The feature is unlocked when a renter has made a minimum of 3 on-time payments through the PayRent app.

How does it work?

To opt-in to rent reporting, the renter can add their birthdate and social security number on the RentCred screen. This will enable reporting rent payments automatically when they are made. There is nothing else the renter needs to do to start reporting.

Rent Reporting FAQs

RentCred Loans

As part of RentCred benefits, gold status renters can borrow emergency cash for rent should the need arise. Qualifying renters can borrow up to $500 toward their rent payment with no interest. Renters incur a one-time transaction fee of $20 at the time of loan acceptance.

How does it work?

Once a renter has reached RentCred Gold Status, (6 on-time payments), they will have access to a new payment method on the payment panel. Choosing this payment method will take them through a checkout process where they can set up an installment payment plan and accept the terms of the loan. Renters will need to pay anything in excess of their loan amount at the time of checkout with subsequent payments scheduled for every two weeks for a total of 6 weeks.

RentCred Loan FAQs

RentCred Late Fee Forgiveness

RentCred Platinum renters earn one Late Rent Forgiveness credit for every 9 on-time payments. These credits are applied automatically to offset any late fees imposed by their landlord should the renter incur them.

How does it work?

Every on-time payment gets renters closer to qualifying as a RentCred Platinum renter. After completing 9 on-time payments, renters are automatically granted one Late Rent Forgiveness credit. Every subsequent 9 on-time payments will earn them an additional credit. Once a renter has one or more credits, we will work with their landlord to waive a late fee should one be incurred. This will redeem one of their credits. Renters can view their credits from the RentCred screen in the PayRent app.

RentCred Late Fee Forgiveness FAQs

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
>

Leave a Comment

PayRent is on a mission to build a rent collection app that fosters a positive and productive relationship between renters and landlords. We focus less on transactions and more on the people behind them.

Do You Find This Information Useful?

Sign-up for our newsletter and get great content like this delivered to your email.
Subscribe
SUBSCRIBE NOW
close-link

Subscribe to Our
Email Newsletter

Receive timely and relevant articles directly to your email inbox.
SUBSCRIBE
You can unsubscribe anytime.
We respect your privacy
close-link
FREE TEMPLATE DOWNLOAD

Create a Custom 
Rent Collection Policy in Minutes

Get instant access and generate your iron-clad rent collection policy.
DOWNLOAD
close-link

SIGN-UP FOR PAYRENT

Start collecting rent online in less than 5 minutes.
  • Control when and how renters pay you
  • Automatically remind tenants when rent is due
  • Accept bank transfers and credit cards
GET STARTED FOR FREE
>
close-link

Discover the Truth About UFOs

Top secret documents reveal ET encounters the government has been hiding
freshmarketer CTA
SUBMIT
close-link

Donate Today

To the Center for Kids Who Can't Read Good
LEARN MORE
close-link

Protect Yourself From Robots

Smart seniors get their robot insurance from Old Glory Insurance
freshsales CTA
SUBMIT
close-link

Interested in PayRent?

Get a custom price quote when you schedule a demo.
*We won't share your information outside of our company
REQUEST A DEMO
close-link

Protect Your Evictions

PayRent gives landlords the control to block
all or partial payments from their renters.
LEARN MORE
close-link

Protect Your Privacy

PayRent allows landlords to accept payments without
ever sharing their personal information with tenants.
LEARN MORE
close-link

Automatic Rent Reporting

PayRent reports rent payments to
all 3 credit bureaus at no extra cost.
SIGN-UP FOR FREE
close-link

Track Renter’s Insurance

Require Insurance and Track Documents with PayRent
LEARN MORE
close-link

Accept Credit Cards

PayRent makes it easy for Landlords to accept
Bank Transfers and Credit Cards.
SIGN-UP FOR FREE
close-link

Save Time With PayRent

Automate invoices, payments, receipts, late charges
and credit reporting with PayRent
LEARN MORE
close-link