"Paying rent is often a renter's biggest and most consistent monthly expense. It makes sense that this payment should help build their credit, said Michael Sherman, senior vice president of Zillow Rentals. By expanding rent reporting, we're helping more renters build their credit history and take control of their financial future while reinforcing Zillow's role as a trusted partner throughout their housing journey."
"Zillow first launched free rent reporting in early 2024 for renters who pay through its platform. The company said it has already reported on-time payments for more than 141,000 renters. Esusu which specializes in rent reporting has found that renters in its program see an average credit score increase of 45 points. Together, Zillow and Esusu said they aim to help millions of renters strengthen their credit profiles and move closer to homeownership."
"At Esusu, we believe everyone deserves credit for paying their rent on time, stated Esusu co-founders and co-CEOs Wemimo Abbey and Samir Goel. By including rent in the credit system, we're helping to build economic mobility and unlock the American Dream for millions. We are proud to partner with Zillow to reimagine financial access and open the pathway to homeownership and generational wealth."
Starting in November, renters can verify lease details and payment methods so Zillow and Esusu handle rent reporting to credit systems. Zillow launched free rent reporting in early 2024 for renters paying through its platform and has reported on-time payments for more than 141,000 renters. Esusu, which specializes in rent reporting, reports that participating renters see an average credit score increase of 45 points. TransUnion estimates about 87% of renters do not see rent payments reflected in their credit reports, which can hinder qualification for loans or mortgages. Fannie Mae and Freddie Mac now accept VantageScore 4.0, which incorporates rental payment history into lending.
Read at www.housingwire.com
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