We’ve made tremendous progress as a company, and it’s incredibly important that our brand reflects what RentTrack has grown to become, while still reinforcing our core beliefs.
We see paying rent differently We always have. It’s why we work hard on our product, hire the best people we can, and listen to our customers.
We believe in the benefits for renters. It’s why we didn’t settle for one bureau, or two. We secured all three, and we are fighting to make rent reporting a tenant right.
What we do has real purpose. We’re transforming the financial future of renters, building out credit education, and inspiring landlords to adopt a better way of collecting rent.
Rent Reporting is a new thing, so when it comes to figuring out what type of impact rent reporting might have on your credit score, a solid answer might be hard to come by. Some studies have been done by the major credit bureaus. Experian, for example, found that rent reporting helped 100% of previously unscorable residents to become scorable. TransUnion’s analysis found that nearly 41% of subprime consumers saw their VantageScore increase by 10 points or more after just one month of rent reporting. Now that RentTrack has been reporting to two credit agencies for over half a year, we decided to do our own review.
In advance of NMHC’s OpTech conference in Orlando, FL on Nov 17th, RentTrack has signed integration partnerships with two more premier property management software partners: MRI and ResMan. RentTrack works directly with our partners to create a nearly seamless experience for the property operators. Balances are synced continually and displayed to residents within RentTrack, and payments are posted immediately to the accounting software so that property managers can stay on top of their resident’s rent payments.
Today we take a big step forward as we announce our official partnership with TransUnion as a furnisher of rental payment data. Earlier in the year, we announced a similar relationship with Experian RentBureau. This makes RentTrack the only third-party rent payment processor that is authorized to report to both bureaus. Together, TransUnion and Experian are two of the three “major bureaus” in the eyes of most lenders.
Rent Reporting of Rental Payment Data to Credit Files Can Help Financially Excluded Consumers Gain Access to Traditional Financial Services says Experian
Another recently published report, this by Experian Rent Bureau, examined the impact of positive rent reporting on subsidized housing resident’s credit files and credit scores. The results were consistent with a recent analysis from TransUnion showing positive score changes for a significant majority of residents.