Rent payments will now help credit

While credit reports typically contain most of a consumer's financial history, there are some areas that remain uncovered on these documents. One such item was an individual rental history, though this recently changed at one of the three major credit bureaus.

Experian recently began recording rental data last month. While this will only affect consumers whose landlords report such information, this process could be beneficial to renters.

"For many, rent was their biggest monthly expenditure, and they never got the credit they deserved for making those payments," Brannan Johnston, vice president and managing director of Experian's RentBureau, told CNN.

Consumers who maintain good relationships with their property managers could see their credit score move up an entire bracket, the news source says. On the other hand, tenants who are late with their rent, or leave without fulfilling a contractual obligation, could receive negative marks on these documents.

However, it is likely situations that end in arguments between the two parties could cause credit disputes. Consumers who feel a questionable item has been placed on their credit report should contact a credit repair organization, as they can work with the credit bureaus to remove these items and reinstate an individual to a good credit standing.