There are two ways roommates/spouses can be represented:
- Each person has their own lease contract with a fixed balance for what they pay individually each month.
- Each person shares a common lease contract with a single balance, and can pay any part of that balance each month.
In the first case, if your landlord sets up an individual obligation (contract) for each roommate/spouse with a fixed amount to pay each month, then rent reporting will work in RentTrack and the entry on your credit report will reflect this individual obligation. For example, if the overall rent is $1000, and you each pay $500 every month, then your landlord can set up two contracts with a rent amount of $500 per month.
If you do decide to report rent in the second scenario - know that your monthly debt obligation will be reported as the full rent amount, not just your portion (since you are a co-signer on the lease). Since you are on the hook for this amount if your roommate leaves, the bureaus look at that full amount as your potential obligation. This may affect your debt-to-income ratio by showing a higher debt amount than you regularly pay.
Thank you for your patience as we make RentTrack the best place for tenants to Build Credit History.