PASADENA, CA — (December 12, 2016) — RentReporters and LeaseLock, two leading providers of products for the financially vulnerable, today announced a strategic partnership designed to enable renters using LeaseLock’s rent payment insurance services to benefit from RentReporters’ subscription-based credit improvement service. RentReporters is designed to proactively impact a renter’s credit score by having their monthly rent payments automatically reported to the credit bureaus.
Through this partnership, individuals who sign up for LeaseLock to secure lease approval for an apartment or home they otherwise would not have qualified for, will now automatically have their rent payment history included in their credit report to build a higher score. The joint agreement between RentReporters and LeaseLock demonstrates the commitment of both companies to enable people who are credit unscorable or credit invisible to make major purchases that typically require good credit, and help them attain a quality of life they may feel is out of reach.
“The services LeaseLock offers are a perfect complement to our mission of enabling the millions of ‘credit invisible’ and financially vulnerable people across the U.S. to achieve major life milestones like purchasing a car or home, refinancing student loans or securing a low-interest credit card,” said John Simpson, CEO of RentReporters. “By partnering with this leading nationwide rent payment insurance company, RentReporters has an even greater ability to impact countless numbers of people as they work to demonstrate good credit. Thus, millions of hard-working Americans can participate in a lending system which currently locks them out of achieving their dreams, through no fault of their own.”
“As the first nationwide rent payment insurance company, LeaseLock offers tremendous benefits to both properties and renters by guaranteeing that an individual’s rent will be paid every single month,” said Derek Merrill,
COO & Co-founder of LeaseLock. “The addition of RentReporters’ credit-building capabilities strengthens the services renters receive from signing up with our program, and helps them establish good credit as they move forward in their lease.”
In addition to having their rental payment history included in their credit report from the time that they sign their lease through the duration of the contract, renters have the option to have their last two years’ previous rental payments included in their credit report, further helping them achieve a higher credit score.
LeaseLock is the first nationwide rent payment insurance program. LeaseLock helps renters get approved. Better than a cosigner or extra deposits, qualified renters pay a fee that gets their lease approved while simultaneously insuring the property for all rent payments. Trusted by property managers in over 500,000 units nationwide, LeaseLock is where renters get approved. LeaseLock is backed by insurance rated A- (Excellent) by A.M. Best.
RentReporters, a leading rental history reporting company, is helping to redefine the calculation of credit scores in a way that reflects modern economic life for the 100M people in the U.S. who have rent as their single major monthly expense. Monthly rent payments are highly correlated with the ability to repay debt in a timely manner, yet they have not been one of the historically accepted data sources for calculating credit scores.
RentReporters enables renters with no or low credit scores, as well as those who already have good or excellent scores, to proactively impact these scores simply by having their monthly rent payments automatically reported to TransUnion, one of the three major credit bureaus. This, along with the company’s credit education initiatives, transparent processes and customer service, creates a clear path for consumers to access and manage appropriate credit. For more information visit RentReporters.com.