Reporting Rental Payment Information to the Credit Bureau
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Take advantage of the benefits that regularly reporting rental payment can provide.Housing providers are poised to help their residents build credit by reporting rental payments to the major credit bureaus. Doing so benefits renters and landlords. Residents gain the opportunity to build credit without assuming additional debt through the establishment of a new, positive, active trade line on their traditional consumer credit report. Landlords gain a tool to offer a positive incentive for increasing on-time rent payments and a competitive advantage in recruiting new residents, and a credit building product around which they can wrap around services to residents with a means to measurably improve their credit profile and ultimately other financial outcomes.
AuthorsSarah Chenven, Creidt Builders Alliance
What Landlords Need to Know About the Power of Rent Reporting as a Credit Building Strategy
• Why Credit Building?
• What Is Rent Reporting and How Does It Help Build Credit?
• Research and Examples From the Field
Rent Reporting Options for Landlords
• Direct Reporting
• Third-Party Reporting
• Direct to Consumer
Rent Reporting and Credit Reports
• Rental Payment Trade Lines
• Credit Scores Optimized for Rental Payments
• FAQs: What Are the Unintended Consequences?
Program Management and Compliance
• Fair Credit Reporting Act
• Federal Privacy Act of 1974
• Developing Policies and Procedures
Resident Engagement Best Practices
• Resident Outreach and Messaging
• Resident Support