Maya Chen
Rent-A-Center offers a no-credit option for customers to lease products without needing to apply for a credit card or loan, or even having a credit history. The company does not report your payment history to credit bureaus, and a credit score is not required to lease products. However, Rent-A-Center does include a review of your consumer report in its application process, and depending on the consumer reporting agency, the inquiry may appear on your consumer report. While it is unclear whether this review constitutes a hard or soft inquiry, it is likely a soft inquiry as it does not appear to be a comprehensive investigation of an individual's credit history and does not impact the customer's credit score.
| Characteristics | Values |
|---|---|
| Does Rent-A-Center do a hard inquiry? | No, Rent-A-Center does not report your payment history to the credit bureaus. |
| Does Rent-A-Center do a soft inquiry? | Yes, Rent-A-Center performs a soft pull on your consumer report. |
| What is the difference between a soft and hard inquiry? | Soft inquiries do not impact your credit score and are typically done for background checks, pre-approval processes, or by entities with whom you have an existing relationship. Hard inquiries are more comprehensive and typically occur when you apply for credit or loans, and can impact your ability to get a mortgage or loan in the future. |
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What You'll Learn
Rent-A-Center's no credit option
Rent-A-Center offers a no-credit option for its customers, allowing them to shop for products without the need for a credit card or a credit history. This option is ideal for those who want to avoid high-interest debt and the hassle of credit applications. With Rent-A-Center, you can choose from a wide range of products, including furniture, appliances, electronics, and more, from top brands such as Ashley Furniture, Samsung, and Whirlpool.
The no-credit option at Rent-A-Center provides customers with flexibility and convenience. There are no long-term contracts, and customers can choose their preferred payment plan and delivery date. Payments can be made weekly, bi-weekly, semi-monthly, or monthly, whichever suits the customer's budget and preferences. This option empowers individuals to access the products they need and want without the constraints of traditional credit requirements.
Rent-A-Center's lease-purchase agreements do not report to credit bureaus, which means they will not impact your credit history, positively or negatively. This is a key advantage for those concerned about maintaining or improving their credit score. The company's Acima Private Credit option allows customers to own the product after purchasing it and making payments on their Acima Private Credit Account. This provides a clear path to ownership without the complexities of traditional credit transactions.
Rent-A-Center's no-credit option stands out in the market by eliminating the need for credit cards or small loans. Customers can acquire the products they desire without worrying about interest rates or their credit score. This approach makes it more accessible and affordable for individuals to obtain well-known brands and products, such as electronics, appliances, and furniture, without the financial barriers and constraints commonly associated with traditional credit-based purchases.
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Soft vs. hard credit checks
Rent-A-Center offers a no-credit option, meaning no credit history is required, and the company does not require a minimum FICO credit score. The company does not report your payment history to credit bureaus, and lease-purchase agreements do not help or hurt your credit history.
Now, let's delve into the differences between soft and hard credit checks.
Soft credit checks, also known as "soft pulls" or "soft inquiries," typically occur when an individual or entity checks your credit as part of a background check or for promotional purposes. Examples include credit card companies checking your credit to see if you qualify for certain offers or promotional interest rates, employers conducting pre-employment screening, insurance companies calculating your credit-based insurance score, and landlords screening potential tenants. Soft inquiries may or may not be recorded in your credit reports, and they do not impact your credit scores.
On the other hand, hard credit checks, also referred to as "hard pulls" or "hard inquiries," generally occur when a financial institution, such as a lender or credit card issuer, accesses your credit file with your permission to assess your creditworthiness when making a lending decision. Common scenarios include applying for a mortgage, loan, credit card, or credit line increase. Hard inquiries are typically authorized by the individual and can remain on your credit report for up to two years. While a single hard inquiry may have a negligible effect on your credit scores, multiple hard inquiries in a short period could lead lenders to consider you a higher-risk customer.
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Rent-A-Center's Acima Private Credit option
Rent-A-Center offers a no-credit option for customers who want to rent products without having to apply for a credit card or small loan and without using credit at all. The company does not report your payment history to credit bureaus, and there are no credit checks.
Here's how it works: Acima purchases the merchandise you select from a participating merchant and leases it to you. You make lease renewal payments to Acima while using the merchandise, and you have the option to own the property or terminate the lease at any time. The period to ownership varies based on the item(s) you choose, but it typically takes 12, 18, or 24 months to own the merchandise.
Acima's application process includes a review of your consumer report, and the inquiry may appear on your consumer report. However, Acima uses a soft pull when accessing your consumer report, which will not negatively impact your credit score. Acima does not base its approval decision solely on your credit score and approves many customers with less than perfect credit history.
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Rent-A-Center's review of consumer reports
Rent-A-Center offers a convenient way to rent and own name-brand furniture, electronics, appliances, computers, and smartphones without using credit. The company buys the product and leases it to the customer with a clear path to ownership. Customers can choose their preferred brands, payment plans, and delivery dates.
While the company claims to offer a hassle-free shopping experience, customer reviews suggest otherwise. Rent-A-Center has received mixed reviews, with a rating of 1.6 stars out of 79 reviews on Sitejabber, indicating overall customer dissatisfaction.
Many customers have praised the company for its product variety, flexible payment options, and convenient delivery services. Some have highlighted the helpfulness and professionalism of store managers and delivery staff, expressing their satisfaction with the way issues were handled.
However, a significant number of reviews highlight negative experiences, particularly regarding customer service and the quality of products. Several customers have complained about malfunctioning appliances, such as washers and dryers, and unresponsive or unhelpful store staff. Others have mentioned issues with hidden fees, overpriced merchandise, and difficulties with returns and repairs.
Some reviews also shed light on concerning workplace issues, including allegations of drug use, theft, racist behaviour, and inappropriate relationships between managers and employees.
It is worth noting that Rent-A-Center does not report your payment history to credit bureaus, so lease-purchase agreements will neither help nor hurt your credit history. While this may be a convenient option for those with less-than-perfect credit scores, it is important to carefully review the terms and conditions to avoid unexpected costs or issues.
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Rent-A-Center's payment history reporting
Rent-A-Center offers a no-credit option, allowing customers to obtain products without applying for a credit card, taking out a loan, or using credit. This means that Rent-A-Center does not report your payment history to credit bureaus, and its lease-purchase agreements cannot help or hurt your credit history.
Rent-A-Center's application process does include a review of your consumer report, and depending on the consumer reporting agency, the inquiry may appear on your consumer report. Acima, the company that Rent-A-Center uses to access your consumer report, uses a soft pull, which is only visible to you personally and will not negatively impact your credit score. Soft inquiries do not require your permission, but hard inquiries, or hard pulls, which are more comprehensive, do require your consent.
While Rent-A-Center does not report your payment history to credit bureaus, there are other ways to build your credit score. Paying your bills on time, including car payments, utility bills, and rent, is one of the best ways to build your credit. You can also use a credit card to make small purchases, paying the balance in full and ensuring all payments are made on time.
If you are looking to build your credit through rent payments specifically, you can use a rent-reporting service, which can record and report your on-time rent payments to credit bureaus, helping to improve your credit score. Some rent-reporting services are free, while others charge a fee.
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Frequently asked questions
No, Rent-A-Center does not do a hard inquiry. They do not report your payment history to credit bureaus, and they do not require a minimum FICO credit score.
A soft pull or soft credit check provides an indication of how risky a borrower is. It does not impact your credit score and only requires your name and address. A hard credit check, on the other hand, is more comprehensive and usually occurs when applying for credit or loans.
Yes, Rent-A-Center does a soft pull when accessing your consumer report. This will not negatively impact your credit score or consumer report.
A soft inquiry is when a soft credit check is performed. Soft credit checks are usually done for background checks, pre-approval processes, or by entities with whom you have an existing relationship.
No, Rent-A-Center does not require a credit history. They offer a no-credit option and do not extend credit or interest rates that are dependent on your credit history.
