RentTrack Partners with both TransUnion and Experian
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.
Our alignment only solidifies further our commitment to give renters in this country the same opportunities to build credit history as homeowners. Alongside our commitment, the industry is progressing as well, with FICO announcing they will begin to incorporate rental payment data into their new FICO ‘09 score. This will likely push all other major consumer credit bureaus to follow suit.
This is welcome news for the 100MM renters in the U.S., many of whom still pay rent by paper check. With electronic payment options like RentTrack at their disposal that report payments, and as rental data starts to be considered in lending decisions, renters could potentially save thousands on their next major purchase.
Read our press release here: RentTrack Teams up with TransUnion to Help Renters Build their Credit History