You have to be vigilant about protecting your credit score when you're a traveling nurse...now there's a way to preserve, and even increase, your credit score while you travel for work. Since you're paying rent on time every month, why not get credit for it, right?
If you’re a travel nurse, then you know what excessive inquiries from common things (like applying for car loans, filling out an application to rent an apartment, or applying for a new credit card) can do to your credit score. You have to be borderline obsessive about protecting your credit when you travel, because you don’t want to pick your head up after a handful of assignments and realize your credit score took a 100 point dive.
/ recommends COZY to our landlords for a few reasons: The first reason is because when a landlord screens you as a tenant, it’s considered a “soft-pull” which doesn’t harm your credit. The second reason is that they have a secure and convenient rent payment system. Lastly, as it relates to this article, COZY collaborates with Experian RentBureau to help travel nurses build their credit history just by paying their rent!
This is how it works… If you choose to use their rent-reporting feature,sends your rent payment history (including past payments) to Experian RentBureau where they’re added as a new tradeline on your Experian credit report. Once it’s on your credit report, it can be picked up as positive payment history which can lead to an improvement in your score.
Whether your goal is to preserve your high score while you travel, or to improve your existing one, rent reporting via COZY is an excellent opportunity for travel nurses to help their credit rating.
Once you start paying rent through COZY, you can turn on Rent Reporting from your Settings menu:
Once you confirm your rental, you can begin immediately. Although you can stop at any time, they don't recommend stopping mid-lease since the entire term (presumably 3 months) may not be displayed.
If you skip paying for a month, your report will show "No Activity" for that month. That means if you want to pay outside of COZY for a month — that's okay. It wouldn't be treated as a late payment on your credit report.
Once you turn rent reporting on, here is what the credit tradeline will look like on your credit report (Edc is short for Experian Data Corporation):
I’m the owner of Furnished Finder and Travel Nurse Housing.com, and although I am not a traveler, I do rent and I have been reporting my rent for about 3 years. I’m happy to say that I’m currently holding a score of about 831 across the three main credit reporting agencies, and I give a lot of credit to rent reporting.
*Don't worry if your landlord isn't using COZY (as described above). You can self report the rent you pay via companies like.
Bottom line, if you pay rent on time, you might as well get credit for it! We hope this article has been helpful, and we wish you high credit scores while you travel for work!