Individuals who lack sufficient credit history or subprime scores have difficulty accessing housing in higher opportunity neighborhoods, obtaining a mortgage, or getting approved for lower cost credit, like auto or educational loans.
Yesterday, we launched a new Positive Rent Payment Reporting pilot program, aimed at helping renters build their credit history and improve their credit score.
This program is the latest initiative in our ongoing efforts to increase equitable access to credit and remove unnecessary obstacles in a consumer’s housing journey, regardless of if they choose to rent or want to own a home.
Esusu Financial, Inc., Jetty Credit, and Rent Dynamics are approved rental payment reporting vendors who will collect rent payment data from Fannie Mae Multifamily property owners and provide the information to credit bureaus. Fannie Mae will reimburse the cost to eligible borrowers who engage in the initiative for a 12-month period. Only positive payments of renters will be reported (those who fall behind will be unenrolled) and renters can choose to opt out at any time.
By offsetting the cost for rent reporting, we’re helping on-time rent payments count positively towards a renters’ credit score. This pilot supports our objective to further accelerate the adoption of rent payment reporting across the multifamily industry.
Visit the Positive Rent Payment Reporting web page where you can find more information on:
- Benefits for borrowers and renters
- How to enroll
- Eligibility Requirements
- Vendor Information and comparison
- Lender and Borrower Fact Sheets