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Bilt Rewards – even if you don’t have their credit card, which lets you earn points for paying rent – has publicly launched the option for residents of participating buildings to have their on-time rent payments reported to their credit. This is expected to generate an average credit score increase of 60 points for those who opt in.
With the public launch, this feature is available free to over 2 million residents of buildings owned by:
- AvalonBay Communities, Inc.
- Camden Property Trust
- Cushman + Wakefield
- Equity Residential
- GID Windsor-Communities
- Morgan Properties
- Related Companies
- Veritas Investments
A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score, which
can make a significant difference in access to loans, mortgage rates, and overall quality of life.
As a further extension of Bilt’s mission to improve the financial outcomes of renters, Bilt will
begin reporting on-time rent payments to Equifax, Experian and TransUnion free of charge for
both residents and multifamily owners and operators, giving renters an opportunity to build their
credit score at no cost and earn valuable rewards on each rent payment.
It makes sense for rent payments to factor into credit, but it’s been costly to track. There are services renters can pay to report their payments, but Bilt does this for free. This feature is available on an opt-in basis through the Bilt Rewards app.
The higher credit score is great for securing better rates on mortgages, for auto loan approvals, and for getting approved for more credit cards.
While not required to benefit from this feature, getting the Bilt Mastercard is an absolute no brainer for most who rent their homes. That’s because you earn points paying rent with the card. If you don’t live in a Bilt-affiliate building that’s fine, they charge your credit card and send your landlord a check.
You can earn up to 50,000 points a year this way, which would cost you $1425 if you used Plastiq to accomplish the same thing. And it’s a no annual fee card. If you’re currently missing out earning points on rent, the Bilt Mastercard is for you.
It’s also a great starter card, which earns 3 points per dollar on dining and 2 points per dollar on travel, and they’re the only loyalty program transferring to more than one of American, United, and Delta. Their transfer partners are:
- Star Alliance: Air Canada Aeroplan, Turkish Miles & Smiles, United Airlines MileagePlus
- oneworld: American AAdvantage, Cathay Pacific Asia Miles
- SkyTeam: Air France KLM Flying Blue
- Non-alliance: Emirates Skywards, Virgin Atlantic Flying Club, Hawaiian Airlines HawaiianMiles
- Hotels: Hyatt, IHG Rewards