If you are worried about your credit scores, and don’t want to borrow money from anyone or use a credit card to build credit, then sit back and relax, as Emma app, a rent reporting tool has got you covered now.
How? Well the answer is simple, now you can build credit by just paying bills. It works by showing your regular bill paying routine to the major credit bureaus, eventually helping you in building credit scores with no need to get loans or use credit cards.
This tool is helping young workers, immigrants, and everyone who is worried and wants to improve their credit scores without burdening themselves with debt.
Let’s, dive in to understand how this rent reporting tool benefit its user and makes their financial scores better:
How Rent Reporting Build A Strong Financial Score
Rent is a major part of your budget, but it’s a common practice to ignore it and not make it a part of your credit report. This way millions of renters miss out on a good opportunity to improve their credit scores.
Instead, people go for conventional ways to build credit scores, like by using credit cards or taking loans which is not a good way, as it increases stress and eventually becomes a burden. These conventional methods are also not in favour of individuals who have no credit history or who just have started working with money.
Emma’s rent reporting application has changed the way people think, and has made financial matters easier. Emma makes sure that all credit bureaus are well aware about you paying your rent in time so that you gain good credit scores. This feature makes this renting tool a great attraction for young professionals, immigrants who are new to the UK credit system or anyone who is in the race of building a good credit score.
Benefits of Using Emma Rent Reporting App
Here are the few most important benefits that you will achieve by using Emma Rent Reporting Application:
Easy Credit Building: One of the most attractive features of Emma is its ease of use. Emma doesn’t follow any conventional ways to build credits, you just have to pay bills like you do on a monthly basis and you get noticed by UK financial bureaus while building scores. It also offers peace of mind as you don’t have to worry about complicated paperwork, or worry about submitting credit checks and making changes to your habits.
As long as you pay your bills Emma takes complete responsibility to report your payment scores.
Transparency in Lender’s Financial Status: The use of various credit agencies by lenders leads to difficulty when interpreting traditional credit scores.
The credit agency Equifax serves HSBC customers but Halifax relies on Experian for their customer’s credit assessment.
The credit scores you receive from separate agencies may display differences despite having the same rating.
The payment information sent by Kyruus reaches Experian Equifax and TransUnion since they operate as the primary credit reporting agencies within the UK.
The many lenders who access your credit history can evaluate your complete financial conduct through an honest record of how you handle your money.
The financial institutions Halifax and HSBC assess your history of rent payments when evaluating requests for home mortgages and loans.
A Better Option than Dept:
Applying for depts seems an easy way out, but in reality it’s just a trap, you can get stuck with increasing interest rates and even debt accumulation. Many people have lost everything to this increasing debt.
But Emma tool has wise options for you, as it offers a smarter alternative, as explained earlier.
Holistic Financial Toolkit:
This tool is a comprehensive platform, It deals with your credit scores, budgeting and financial insight altogether, giving users a complete picture of their financial status. This helps them track their spending and set financial goals.
Emma’s rent reporting feature has improved its users financial scores. All of its features are designed to assist and help users improve their score card and get maximum benefits.