Rent reporting is gaining traction across the U.S. as a proven way to help residents of rental housing to establish and build credit. Rent Reporting is the monthly reporting of tenant rent payments to at least one of the major consumer credit bureaus for inclusion on a traditional consumer credit report.
Reporting rental payments provides renters an opportunity to build credit as a financial asset without taking on additional debt. For landlords, it is an amenity that can attract new renters and encourage on-time rent payments. Renters are seven times more likely to have no credit score compared to homeowners. Many also have limited opportunities to build credit history, which directly impacts their ability to get and stay ahead in today’s economy. Find out more about the benefits of rent reporting here.
Credit Builders Alliance (CBA) is a national nonprofit seeking to scale rent reporting so that low-income renters across the nation can leverage it to achieve economic mobility.