Millions of American residents are not getting the credit that they deserve because their on-time rental payments are not being reported to consumer reporting agencies. CDIA is passionate about getting more rental payment information flowing into the consumer reporting ecosystem. The most recent in a string of studies is out showing the transformative power of rent reporting to bring un- and under-banked consumers in to the financial mainstream.
As noted by Yahoo News, “[m]illions of renters could get a big boost to their credit score if landlords reported their on-time rent payments, according to a new TransUnion analysis, which could help lower their borrowing costs.” The story goes on. “Renters could raise their credit score nearly 60 points if their rental payment history was factored into their credit report, according to the credit bureau’s findings. In addition, 1 in 11 people went from having no credit score to scoring 631 on their VantageScore 3.0, making them a near prime lending risk and considered a fair score.”