Most Frequently Asked Questions
Is there a long-term contract?
There is no long term contract, we operate on a month to month subscription. See our Cancellation Policy
What information do I need to Sign-Up?
When you Sign-Up for Koi.Credit, you'll need to go through some easy steps. Here's what you'll need to know before getting started:
We need to verify your landlord. We will contact them to tell them that you have obtained our service.
The information you'll need to provide here is:
- Landlord name and basic information. (or property management company name)
- The term of the lease, is it month to month, 6 months or 1 year.
- The dollar amount of your monthly rent payment. (Try to be specific as possible)
We need to verify that you live at the place you are reporting and that you pay for rent. To do this we need:
- Renter’s government issued photo ID.
- Renter’s date of birth.
- Renter’s Social Security. (Required by credit bureaus)
- Lease agreement that matches address.
- Renter’s current address including unit number.
- Online bank verification with the account used to pay your rent.
How will this improve my credit score?
Rent payments are used to formulate your FICO score. They help establish your payment history. With our service, your biggest monthly bill is now being reported to the credit bureaus. Credit history is the biggest part of the FICO score algorithm. Rent reporting builds history in your credit file without adding debt. Remember, a large part of your credit score is demonstrating history. The longer you have a rental tradeline on your credit report, the better. That is why we offer our JumpStart Add-on which lets you report up to two years of past rental payments.
When can I see my tradeline on my credit report?
A new tradeline called “Koi.Credit/Residence” will appear on your credit report within 5 days after rental verification and landlord validation. Most customers after signing up see an average change in their credit score of 30-70 points within 14 days.
My landlord has me paying online already, can I still use your service?
Of course! Our service is non-invasive so you don’t have to change the way you pay your landlord. Just follow the steps in our Sign-Up verification process and we will take care of the rest to get your rent payments reported.
Does my landlord need to Sign-Up?
No, we just need to verify them with their full name, phone number and email. This prevents fraud. We only use the provided information to verify the lease with your landlord and to make sure we can accurately report your rent payment.
If I pay my rent to a property management company am I eligible?
Yes, this is even easier. Just fill out the Sign-Up verification process as normal, there will be a space for you to input the property management companies name if applicable.
Does my property management have to be approved by Koi.Credit?
No, because we are treating them as a landlord for that specific renter. They only need to be approved with us when the property management company wants to use us to report the rent of all their renters and be a part of the profit sharing program.
How much will my credit score increase?
For our members, the average increase they will see is 30-70 points depending on their current credit score. The lower you credit score, usually the higher the increase. The credit bureaus use an algorithm and we cannot predict any specific number. We do think you’ll be inspired by the stories of our members and the dramatic changes they have experienced.
Can you report payments I already made?
Yes, up to 24 previous monthly rent payments. We will need to verify your landlord(s) and history of payments. Once you Sign-Up and we verify your information you will see 24 months of your previous rent history show up on your credit report. We call this our JumpStart Add-on.
Can my spouse build credit as well?
Yes! They will need their own, separate Koi.Credit account and subscription but, there is a discount for their registration fee. They will also need to be able to log in to the bank account where the rent transaction is paid. If you both make a payment from the same bank account, they must be a cosigner on the account. If you each pay a portion of the rent from different accounts, it’s even easier. They just log in using their own bank account and match their portion of the payment.
Can my roommate build credit as well?
Yes, each roommate can enroll as well. They must also be on the lease, if a roommate is not on the lease then we cannot report their rent to the bureaus. They also receive a discount when Signing-Up.
Why do you have a Sign-Up fee and a monthly subscription?
The one-time registration fee pays for landlord verification, renter’s verification, administration cost, support center cost. The monthly subscription fee of $9.95 is for the reporting of your ongoing rent payments. Your first month will be billed immediately at the time we have verified your lease agreement.
How does your money back guarantee work?
If you are not satisfied for any reason, you have 30 days from the moment you sign up to ask for a refund. We will refund you the $9.95 we charged you for the month of reporting. However, we will not refund the processing fee of $19.95 because of the time it takes to verify your lease, your landlord’s identity, your rent payments, etc. We will also not refund any Jump Start packages if they were submitted already to the credit bureaus.
How can I check on the status of my account or make any changes?
Account information such as a change of address or billing information can be made through your personal renter dashboard which you will have when you Sign-Up.
What if the renter wants to change to a new rental property?
As an existing customer, you can easily change your current rental property in your personal dashboard. In your profile and settings, under address, click “I have moved.” You will be brought to the rental address verification process again. You must then confirm a fee of $9.95 in order to update your rental property, this fee will be charged to the payment method that is already on file. In order to verify your new rental property please allow Koi.Credit 1-3 business days to verify the lease.
How long does it take to process the rental property verification?
We normally process the rental property verification for our customers within 1-3 business days. This of course depends on the documents and information submitted to us by our customers. If any documents or information submitted appears to be false or fraudulent our team will take more time in order to more thoroughly verify said documents.
What may cause a delay in the verification process?
As we stated above, any kind of fraudulent or false information submitted will delay the verification process. Also, we cannot get the verification process started until we have all the required documents from you and your landlord. We encourage our customers to prepare all required information before hand for a smooth registration process.
Is Koi.Credit a credit repair service?
We are not a credit repair service. We do provide you with the most effective way to quickly improve your credit score without taking on new debt.
What if I pay a different amount each month?
No problem. You might pay a slightly different amount each month if your utilities are included in your rent, or if you have to pay an additional fee to your landlord. Although your base rent is what we report as paid to the bureaus each month, we still verify your payment as long as it is close to the base amount. Keep in mind that if your rent amount is very different from the initial transaction you match, you may have to log in and re-match your next transaction. We are committed to reporting accurate information only. If we detect fraudulent reporting, your tradeline will be removed.
Is Koi.Credit licensed and insured?
Koi.Credit is licensed, insured and regularly audited which makes our service secure and trustworthy.
How can you keep track of your rent payments?
Existing customers have a personal dashboard with the ability to keep track of all reported rent payments in our system. They will be categorized into successfully reported, unsuccessfully reported, and late payments. Customers will also be able to track of past rental payments that have been submitted through our FastTrack system. Rental customers are notified through email of all rental transactions.
Do rental customers have to do anything in order to get their rent payments verified?
No! The great thing about our process is that once you have finished the registration process; we will take care of the rest! Our team will contact your landlord directly in order to verify your lease, and we will verify your monthly rent payment, without you needing to do anything.
What happens if you cannot get in touch with my landlord?
We will contact you to inform you that your landlord is not cooperating and we will try once more to get in touch with him to verify your lease. If we cannot verify your lease through your landlord we will refund you your $9.95 monthly payment and the $19.95 verification fee. This only applies if we cannot verify your landlord..
What type of Payment option do you accept for the monthly subscription?
We accept MasterCard, Visa, Amex, Discover, Paypal and all major credit cards.
How can I keep track of my rent payments?
Existing customers have a personal dashboard with the ability to keep track of all reported rent payments in our system. They will be categorized into successfully reported, unsuccessfully reported, and late payments. Customers will also be able to track past rental payments that have been submitted through our Jump Start Program.
Do you handle payments to landlords?
We do not handle landlord payments here at Koi.Credit
Can you report payment to a credit bureau yourself?
Credit bureaus requires accreditation so meaning they only deal with accredited and approved Credit Scoring Company like Koi.Credit.
What happens if I end my subscription with Koi.Credit?
If you decide to terminate your subscription with Koi.Credit…
- We will close the tradeline that was opened when we started reporting your rent, and any future rents will no longer be reported.
- By terminating your subscription you will forfeit all of your referral leads, and end the residual commissions gained every month thereafter. All current commissions in your account will be disbursed, but future commissions will no longer be paid to you.
What if I no longer need to report my rent because I become a homeowner, but I still want to keep my referrals and my commissions?
In order to continue being an affiliate of our Profit Sharing Program, you must shift your account from a Renter and Affiliate Account, to a pure Affiliate Account. You will still pay the $9.95 a month to retain your status as an Affiliate of Koi.Credit, thus ensuring your monthly commission payout.
What is Koi.Credit’s Cancellation Policy?
Here at Koi.Credit we want our customers to have the freedom to cancel anytime.
100% 30 Day Money Back Guarantee
- You are eligible to receive a full refund for the $9.95 monthly service fee if Koi.Credit is unable to verify and report your rental payment for that month.
- All refund requests must be made within 30 days of opening your account with us. Refund requests made after 30 days will not be processed.
- The one-time $9.95 document and ID verification fee is only refundable if your documents are not approved for our service for any other reason not listed below.
Why would Koi.Credit not refund the monthly service fee?
Here at Koi.Credit, we want you to get results! However, sometimes we are unable to work with certain rental setups.
If you are unable to report your rent due to any of the following:
- A 30 day late payment was reported and you are unhappy with your results.
- You attempted to report a private mortgage.
- You attempted to report an illegal sublease.
- You attempted to report a second lease that was during the same time frame as another lease you already reported.
- You attempted to report a commercial property.
- You were asked to provide additional documentation; like confirmation of residence or a photo ID and you refused to do so.
- You are using one of our competitors services at the moment of sign-up.
In any of these cases Koi.Credit will not refund the one-time document verification fee of $9.95 because it is the fee to cover the time and money spent by our team trying to verify your information.
If you attempt to provide false information to our company, we will not be issuing any refund. We have a zero tolerance policy for dealing with false information.
How to request a refund and deactivate your account
- Your renter’s dashboard has an account deactivation button in the settings. In order to request a refund you must email us with a request to cancel your account due to dissatisfaction with our service. Subject line: 30 Day Money Back Guarantee. Please include your address, customer ID (can be found in your profile and settings), and reason for cancellation.
- Refunds are processed within 1-5 business days of the request.
- It can take 2-7 days for a refund to show up on your bank or credit card account.
- If a customer no longer needs our services but does not inform Koi.Credit of their desire to cancel, no refund will be issued.