But, a new project is fixing the problem.
PayYourRent, a leading provider of online payments in the multifamily industry, is collaborating with Experian RentBureau to help renters build their credit histories.
Now, each time a resident pays their rent on-time with PayYourRent, Experian, a major credit reporting agency, will record that positive rental data into the company’s credit reports. For the first time ever, renters’ timely monthly payments will be included alongside the usual credit report considerations.
Until now, only mortgage, credit cards, and car payments, along with negative rental data such as rental collections, were considered when composing a credit report.
Despite years of successful management of rent payments, many individuals—particularly non-credit-active and cash-based consumers—were not getting credit for paying their rent on time.
Experian RentBureau, the nation’s largest database for rental information, was the first to rectify the issue by incorporating the on-time rental payment data reported to Experian RentBureau into Experian credit reports. Now, thanks to a new relationship with PayYourRent, even more individuals can benefit from paying their rent on time.
Finally, renters are earning credit where credit is due.