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June 29, 2022
Reporting positive rent payments to credit bureaus can be a powerful tool for boosting resident satisfaction, collections and retention rates.
Today, renters in the U.S. occupy almost 44 million housing units, according to statista.com. And the roof over their head heavily depends on how good their credit score is.
One of the fastest ways for them to build that credit is to have their positive rent payments reported to the three major credit bureaus—Equifax, Experian and TransUnion—and property management companies can play a key role in building their renters’ credit profiles and scores. For example, operators using resident portals such as RentCafe can easily report positive rent payments through the platform. RentCafe uses Experian RentBureau to include positive rental payment data in Experian credit reports.
“When renters feel supported by property management and landlords, they are much more likely to be satisfied with the resident experience, which boosts collection and retention rates at these apartment communities,” Jonathan Needell, president & CIO of Kairos Investment Management Co., told Multi-Housing News.
In March, the investment and asset management company launched a new program for its affordable housing communities to help residents improve their credit scores. Led by fintech company Esusu, the program is a win-win for both stakeholders and residents, according to Needell. Renters whose payments are reported are highly motivated to continue making on-time payments, which results in higher property returns and stable occupancy levels.
“By enrolling into this program, residents can strengthen or grow their credit profiles, which can open the door for opportunities such as qualifying for employment, auto loans and credit cards,” Needell added.
Companies providing credit monitoring services, such as IDIQ, have taken note of the growing number of residents understanding the benefits of having their positive rent payments reported. In April, IDIQ acquired Resident-Link, a service that enables residents to build and establish their credit.
“Residents view this amenity as something that directly benefits them personally,” said Sherrie Hubler, vice president of Resident-Link. “Unlike other amenities some residents might not use, credit is something each of us needs today.”
* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.
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