RentTrack Teams Up with TransUnion
SANTA BARBARA, Calif., Sept. 23, 2014 – One in three people in the U.S. pay rent. That’s over 100 million people paying over $300 billion every year. However, very few renters get any credit for their on-time payments. Rent is their largest expenditure, but it has the smallest impact on their credit report. Working together, RentTrack and TransUnion are transforming this aspect of the industry, helping renters get the credit they deserve for on-time monthly payments.
RentTrack is a newly launched service that lets residents pay their rent online, view their current credit score, and get valuable credit tips. Users can search for their house, apartment, or condo, then set up a secure payment so their rent is paid automatically. If the property manager isn’t signed up with RentTrack, the resident can invite them to join.
When a RentTrack user makes a rental payment, the information is provided to TransUnion. The renter’s payment history would be reflected in their credit report, similar to a mortgage or credit card line of credit.
This new service allows consumers who rent to use their payments to establish and build credit, which may make it easier for them to apply for loans and receive favorable interest rates. Property managers, meanwhile, can use the service to find credit-conscious applicants and allow their residents to receive the credit for on-time payments.
“RentTrack gives renters, especially younger ones, a new level of control over their financial future,” said Matthew Briggs, CEO, at RentTrack. “The bureaus have been collecting consumer data for decades, but rent – one of the largest expenditures – was seldom or never reported. Now that rent is part of the picture for many consumers, it provides a very convenient way for them to start building a credit history.”
“We anticipate that as more landlords and property managers provide rental payment reporting through RentTrack, this type of information will reach a critical mass and it will be commonplace for companies to use rental history to help establish consumers’ creditworthiness,” said Tim Martin, Executive Vice President at TransUnion. “The sooner consumers and property managers start using companies such as RentTrack and begin seeing the benefits, the better it will be for the consumers, the industry and the economy overall.”
RentTrack combines electronic payments with consumer credit services, allowing residents to report rent payments for building credit history. For property managers, RentTrack makes it easy to accept credit cards and e-checks online while integrating with popular accounting software.