Frequently Asked Questions

Rent Reporting is an optional credit reporting and financial tool provided by Homebody Insurance Agency, LLC and its affiliate, Simplified Business Group, LLS, also known as Rent Dynamics. For a monthly fee of $8.95, Rent Reporting reports your rent and utility payments (if utilities are not included in your rent) to one or more consumer reporting agencies, such as Equifax, TransUnion, and Experian. Each rent and utility payment made on time helps build your credit over time, payment by payment, month by month, year by year… even if it’s your guarantor making the payment OR you receive financial aid! Imagine what four years of paying rent on time can do for your credit score!

Your credit score is a number that tells lenders if you usually pay your bills on time, are able to keep your credit card balances low, and are able to manage different types of credit. So when you make on-time payments, your credit score may improve or remain the same if it’s already high. However, as someone who rents an apartment, you’re not building your credit history by paying rent on time. Why not? Because rent isn’t considered debt, and paying off debt is typically what builds credit. Rent Reporting is a tool you can use to your advantage because each on-time payment is reported to the very credit bureaus that report these scores to car dealers, mortgage lenders, a future landlord, etc.

The Rent Reporting Addendum is included in your Lease Agreement. However, you may cancel at any time after signing by using the Homebody app, sending a written notice of termination to Homebody at 4205 Chapel Ridge Road, Lehi, Utah 84043, ATTN: Rent Reporting Service Charge, or by emailing rentreporting@homebody.com. To avoid being charged for the next month, cancellations must be received at least ten (10) days before the end of the current month.

Note: If your lease is joint and several (i.e., shared with roommates), each resident must cancel individually to opt out of the program.

More information can be found online at https://www.homebody.com/products/rent-reporting. In addition to learning about Rent Reporting here, we encourage you to click on the various tools on the Homebody website to learn more about money management. What’s the highest credit score possible? How can I improve my credit score? What credit score do I have to have to buy a car? Or even a house? It’s never too soon to begin thinking about what your financial future holds!