Renters Making On-Time Payments May See Boost in their Credit Standing
PASADENA, CA– (Sept 7, 2016) – RentReporters, the leading rental history reporting company, announced today that it has begun reporting rental payment information to TransUnion. The integration of TransUnion’s rental payment reporting tool – ResidentCredit – into RentReporters’ service offering allows for a prompt, seamless reporting process for consumers who are looking to improve their credit score by having rental payments reported to the credit bureau.
Homeowners have been receiving credit for mortgage payments for years. Conversely, most renters have not been extended the same opportunity for what is typically their largest monthly payment. Rental payment reporting levels the playing field, giving renters an opportunity to build their credit histories. RentReporters is changing the way credit scores are calculated for the more than 100 million renters in the United States.
“Incorporating TransUnion’s ResidentCredit rental payment reporting into our services is another example of how RentReporters is helping renters,” said John Simpson, CEO. “This service will be particularly beneficial to those renters who have no or limited credit, but continually make on-time rental payments. The creation of a consistent credit history is a path to credit opportunities for individuals who previously could not access credit due to a lack of credit history.”
RentReporters enables renters with no credit scores to potentially establish these scores by having their monthly rent payments automatically reported to TransUnion. This, along with the company’s credit education initiatives and customer service, creates a clear path for consumers to access and understand their credit reports. A TransUnion analysis found that all renters who previously did not have enough credit history to generate a credit score became scoreable, potentially giving them access to better credit cards, lower interest rates, and many other benefits.
“We’re pleased to partner with RentReporters and provide more property managers with the opportunity to report payment performance of their apartment residents,” said Michael Doherty, senior vice president of TransUnion’s Rental Screening Solutions group. “This is a true win-win situation for both property managers and renters, and we are excited to play a major role in the advancement of this initiative.”
Using TransUnion ResidentCredit, data about residents can be quickly submitted to TransUnion each month, reporting the amount and timeliness of their last payment, and any balance owed. This rental payment information will appear on their consumer files alongside their other financial obligations such as auto loans, credit cards, and student loans, and is accessible by anyone requesting a TransUnion credit report.
For more information about TransUnion ResidentCredit, please visit: http://transunioninsights.com/rentalreporting/
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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 US 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 and transparent processes and customer service, creates a clear path for consumers to access and manage appropriate credit.