Is Self Rent Reporting Free & Legit?

How do you measure a year? 525,600 minutes? How about $15,216? Which is the median annual rent in the US from 2018 to 2022.

It’s a pretty significant amount of money that can be leveraged to improve your credit score. Self offers this exact service with their Rent + Bills Subscription which costs $6.95 a month.

However, on December 5, 2023, Julie Szudarek, CEO of Self Financial, announced that Rent Reporting is now a free service. So yes, Self Rent Reporting really is free. You only need to pay $6.95 a month if you want your bills reported to TransUnion.

‘Free Rent Reporting’ VS ‘Rent + Bills Subscription’

Here are the different features that are available for Rent Reporting (Free) and Rent + Bills ($6.95 /month):

Can I Downgrade my Rent+Bills Subscription to Rent Reporting Only?

No, you need to cancel your Rent + Bills Subscription and then sign up for free rent reporting. But if you’re only interested in reporting your rent to the credit bureaus, then there’s no reason to keep your Rent & Bills subscription. Especially since Self only reports bills to TransUnion while rent payments are reported to all three Credit Bureaus.

“Self’s rent reporting provides a simple and free option for renters to benefit from paying their biggest expense each month and to work towards a more secure financial foundation.”

— Julie Szudarek, CEO of Self Financial

Keep in mind that you can’t immediately sign up for Free Rent Reporting after canceling your Rent + Bills Subscription. You’ll need to wait until the subscription’s current billing cycle ends before you can apply for free rent reporting.

How Do I Cancel My Self Rent + Bills Subscription?

To cancel your Self Rent & Bills subscription, you’ll need to follow these steps:

1. Log in to the Self App
2. Select the ‘Rent+Bills Tab’
3. Tap ‘Settings’
4. Tap ‘Cancel subscription’

Note: Aside from Bills Reporting, you’ll also lose access to your Identity Theft Insurance and Credit Monitoring. These features are not available to those who sign up for Free Rent Reporting.

How Do I Sign Up for Free Rent Reporting?

To sign up for Self’s Free Rent Reporting service, you’ll need to do the following:

1. Go to the Rent Reporting Sign-Up Page
2. Connect the Bank Account you use to Pay Rent
3. Select which Rent Payments to Report\

What is Self’s Lookback Service?

The Lookback service is available to those who signed up for Free Rent Reporting and to Rent+Bills Subscribers. It’s a service that allows consumers to report their past payment history (up to 24 months) to all three credit bureaus for rent payments and to TransUnion for utility payments.

To avail of this service, you’ll need to pay a one-time fee of $49.95.

Is there an Alternative to Self’s Free Rent Reporting?

Self prides itself on being the only company to offer free rent reporting to all three credit bureaus. However, Experian Boost is a great alternative for those who want to report both rent and utility payments for free. The only downside of this service is that it only reports your payment history to Experian.

Recommended guide: 5 Best Credit Building Apps Like Self

Summary

Self announced its Free Rent Reporting service on December 5, 2023. This new service shares the following features with Self’s Rent+Bills Subscription: Rent Reporting to All Three Credit Bureaus, Lookback Service, and Credit Score Tracking.

You can cancel your Rent+Bills Subscription and sign up for Free Rent Reporting as soon as the current billing cycle of your subscription ends.

If you’re having trouble canceling your subscription, you can chat with a Self Representative by logging into your account at: https://www.self.inc/home/settings-v2/profile

You can also email Self at: [email protected]

While Self has a customer support number: 877-883-0999, that’s available from Monday to Friday from 7 AM to 6 PM Central, it’s only limited to the following services: Self Visa Credit Card, Self Plus Credit Card, and Self Credit Builder Account.