**How does Rental Kharma verify?**
Rental Kharma is a platform that allows tenants to report their rental payment history to major credit bureaus, helping them build credit scores. But how does Rental Kharma verify these rental payments to ensure accuracy and reliability? Let’s delve into the verification process:
Rental Kharma employs a multi-step verification procedure to ensure the authenticity of reported rental payments. Firstly, they contact the landlord or property management company to verify the tenancy and the payment history. This step helps to establish a direct line of communication and confirm the accuracy of the reported information.
Once Rental Kharma receives confirmation from the landlord or property manager, they proceed to verify the rental payments further. They request the tenant’s bank statements or official payment receipts to validate the reported payments. This additional documentation provides concrete evidence of the tenant’s payment history, helping to fortify the credibility of the reported data.
However, Rental Kharma understands that not all landlords or property management companies may be responsive during their verification process. In such cases, they have alternative methods to ensure verification without landlord cooperation. These methods may include contacting rental payment processors or accessing the tenant’s credit reports to confirm the presence of rental tradelines.
In situations where a landlord or property manager denies the tenant’s payment history, Rental Kharma investigates the discrepancy by conducting further research, such as checking for inconsistencies in the lease agreement or legal records. By undertaking these thorough investigations, Rental Kharma aims to ensure the accuracy and reliability of the reported rental payment history.
FAQs:
1. Can I report rental payments that were made in cash?
Yes, you can report rental payments made in cash. However, Rental Kharma recommends obtaining official receipts or bank statements to provide verifiable proof of payment.
2. Can I report rental payments made to a private landlord?
Absolutely! Rental Kharma accepts rental payment information regardless of whether the landlord is a private individual or a professional property management company.
3. Does Rental Kharma report rental payment history to all credit bureaus?
Yes, Rental Kharma reports rental payment history to all three major credit bureaus: Experian, Equifax, and TransUnion.
4. How long does the verification process take?
The verification process can vary depending on landlord or property manager response times, but typically, it takes around 5-10 business days.
5. Can I report rental payments from previous years?
Yes, you can report rental payments from previous years as long as you have the necessary documentation to support your claim.
6. What happens if my landlord refuses to verify my rental payments?
If your landlord refuses to cooperate during the verification process, Rental Kharma will use alternative methods, such as contacting rental payment processors or accessing your credit reports, to verify your payments.
7. Do I need a minimum number of rental payments to report?
Rental Kharma recommends having at least 12 months of rental payments to report for a more robust credit history. However, there is no strict minimum requirement.
8. Can I report rental payments made for a vacation property?
Unfortunately, Rental Kharma only accepts rental payment history for primary residences and does not include vacation or secondary properties.
9. Can I remove negative rental payment history from my credit report?
No, Rental Kharma does not have the ability to remove negative rental payment history from your credit report. They can only report accurate payment history to the credit bureaus.
10. What if I have a joint lease? Can both tenants report their payments?
Yes, if you have a joint lease, both tenants are eligible to report their rental payments individually to Rental Kharma.
11. Can I report rental payments if I am the subtenant or roommate?
No, Rental Kharma only allows the primary leaseholder to report rental payments.
12. Can I report rental payments made in other countries?
At the moment, Rental Kharma only accepts rental payment history from properties located in the United States. International rental payment history cannot be reported.