The Colorado Housing and Finance Authority (CHFA) and RentTrack, the multifamily leader and pioneer of reporting rent payments to all three credit reporting agencies, announced a shared housing and credit solution pilot program. According to the release,
the pilot program hopes to be a catalyst for Colorado renters to responsibly build credit by reporting rent payments similarly to how homeowners report mortgage payments. Concluding no later than 2024, the pilot will gather important data to help evaluate both tenants’ and landlords’ experiences with rent reporting, and if rent reporting may prove a successful path for helping renters build credit and pursue homeownership.
Further info. on the Colorado law: Colorado Moves Towards Rent Reporting Pilot.