Big News: Experian Now Accepts Bank-Verified Rental Payments for Credit Reporting

If you’re a business interested in helping renters build their credit, there’s exciting news from Experian! Starting December 1, 2025, Experian’s RentBureau will accept rental payment data that’s verified through bank transactions—not just data verified by property managers. This change opens up new opportunities for many companies and renters who previously couldn’t participate in rent reporting.

What’s Changing?

Until now, reporting rental payments to Experian usually required verification from a property manager or landlord. That meant only certain companies could help renters get credit for their on-time payments. With the new policy, rental payments can be verified directly through a renter’s bank account. This means more companies—like fintechs, payment processors, and other third-party services—can help renters report their payments, even if they don’t work directly with property managers.

Why Is This a Big Deal?

More Renters Can Build Credit: Renters who pay electronically can now have their payments reported, even if their landlord or property manager isn’t involved.
More Companies Can Participate: Businesses that can verify rent payments through bank deposits now have a path to become data furnishers, making rent reporting more accessible.
Simpler Process: The need for property manager verification is removed for these cases, making the process easier for everyone.

What Do Companies Need to Do?

If your business wants to report bank-verified rental payments to Experian, here’s what you need to know:

New Reporting Label: When submitting data, you’ll need to use a special Member ID and set the Member Name to “Consumer Verified” in your MIF file. This tells Experian that the payment was verified through a bank transaction.
Internal Procedures: You’ll need to set up internal processes to make sure you’re following Experian’s rules for reporting bank-verified data.
No Changes to Metro2 Reporting: If you use Metro2 format or standard file uploads, those processes stay the same.

How Does Consumer-Initiated, Bank-Verified Reporting Work?

Here’s a simplified breakdown of the process:

Consumer Permission: The renter gives clear, written consent for their payment data to be collected and reported.
Identity Check: The renter’s identity is verified using industry-standard tools to prevent fraud.
Lease Verification: The renter provides a signed lease, and the lessor’s (landlord’s) contact information is checked through public records or reliable online sources.
Ownership Check: If the lessor is an individual, proof of property ownership is verified.
Company & Individual Verification: The legitimacy of the company and individuals involved is checked using trusted sources like Trade.gov.

What Does This Mean for Renters and Businesses?

For renters, this is a new way to get credit for paying rent on time—even if your landlord isn’t part of a reporting program. For businesses, it’s a huge opportunity to offer new services and help more people build their credit history.

Final Thoughts

Experian’s update is a big step forward for rent reporting. By accepting bank-verified payments, they’re making it easier for renters to get the credit they deserve and for businesses to support them. If you’re interested in learning more about how your business can take advantage of these new opportunities—or if you want to help your customers build their credit history—reach out to the team at Edge Credit Reporting. We’re here to answer your questions and guide you through every step of the process.