Experian RentBureau teamed up with Yardi, a provider of real estate software solutions, to launch an interface that will allow renters to build credit history by having their rent payments reported.
The new program allows Yardi’s property management clients to seamlessly report rental payment data.
"We are on a mission to broaden opportunities for consumers to gain access to the credit marketplace," Experian RentBureau director Emily Christiansen said. "By working with Yardi, we are significantly expanding the number of consumers who can benefit from having their rental payments reported, which can make a real impact in the daily lives of renters nationwide."
Yardi clients just sign up with Experian RentBureau in order to have rental payment history automatically reported. Consumers are then able to build credit, and property managers get enhanced protection from lease skips, a faster debt-recovery process and more residents paying rent in a timely manner.
"We are dedicated to continually improving our platforms and services to further meet the evolving needs of our clients," said Patrick Hennessey, Yardi vice president and general manager of Resident Screening.
"Adding the capability to report valuable rental payment data to Experian RentBureau through a seamless process will help our clients manage their portfolios more efficiently and enhance their service to their clients, which positions them for real growth," Hennessey said.
They’re not the only ones changing the credit industry. The way consumers’ credit data is reported, recorded, and used by the nation’s credit reporting agencies could be about to dramatically change, if a newly introduced bill makes its way through Congress.
Fannie Mae also just scheduled the release of its new Desktop Underwriter Version 10.0, which will take a deeper look into consumer credit, how much they are using, and how much their payments are each month, according to an article by Vance Edwards for MGIC Connects.