NCRA Announces Alliance To Report Rental Payments

ROSELLE, Ill., March 18, 2015 /PRNewswire/ -- The National Consumer Reporting Association (NCRA), a national trade organization of consumer reporting agencies and associated professionals that provide products and services to hundreds of thousands of mortgage lenders, landlords, employers and other types of general businesses, is proud to announce that it has entered into a strategic partnership with ScoreWise, Inc. to provide Rapid Rent Reporting^SM for NCRA Member firms. NCRA members participating in the program will be able to offer their lending, multifamily and real estate clients a means to rapidly report a consumer's rental payment history to their credit report during or in advance of any extension of credit, rental or employment application.

As part of the strategic alliance, the NCRA has reserved accounts at special discounted rates for all of its members to utilize the ScoreWise bureau-approved flagship Rapid Rent Reporting ("R3") service. 

Rapid Rent Reporting is the first and only patent-pending, automated, web-based service that can report a Tier-1 housing tradeline to the national consumer credit report without the need for any advance planning by the consumer. R3 reports rent for any tenant, and works with any property manager or landlord. Once submitted to the network of FCRA-compliant Consumer Reporting Agency partners, rental history data takes as little as 5 business days to be included onto a consumer's credit report.

Terry Clemans, NCRA Executive Director, said, "The NCRA has always recognized the importance of rental history payments as a component of quality credit decisions.  Too often this element is missing or difficult to get factored into current lending processes.  Rental data is even more important for consumers with short or no credit histories.  For most renters, the monthly rent payment is their largest single expense. Unfortunately for the vast majority of renters, their rental payment history is not part of their credit report. ScoreWise has developed an industry-changing product in Rapid Rent Reporting, which quickly and accurately gives those renters credit for their payment history.  NCRA is excited to be able to offer this service to our members."        

"This partnership between NCRA and ScoreWise brings real credibility and awareness to the need of most renters to build stronger credit profiles through the reporting of rent. We developed Rapid Rent Reporting as the most consumer-friendly service to accomplish this goal. We are honored to be working with NCRA to bring the R3 service to their members," remarked Crispin Luna, founder of ScoreWise.

The NCRA partnership will be introduced at several upcoming conferences and trade shows, as well as through national advertising portals targeting professionals within residential real estate, lending and multifamily industries.

Companies interested in using the Rapid Rent Reporting service or joining the NCRA should contact Terry Clemans or Jan Gerber at the NCRA office at 630-539-1525.  

NCRA members can find out more about the Rapid Rent Reporting program by visiting www.rapidrentreporting.com/ncra.

About ScoreWise, Inc.
Founded in 2012, ScoreWise is an industry pioneer in incorporating non-traditional payments (rent, utilities, etc.) into consumer credit histories, to enable to consumers to build a stronger credit profile and enable lenders to reach a larger audience of qualified borrowers. The company's leading product, Rapid Rent Reporting, adds a new tradeline of rental payment data onto a consumer credit report in as little as 5 business days. Rapid Rent Reporting ("R3") has been shown to facilitate mortgage application approval during underwriting, and is beneficial to the consumer in the granting of other credit.   ScoreWise is based in Pasadena, CA.

About National Consumer Reporting Association (NCRA)
Founded in 1992, the National Consumer Reporting Association, (NCRA - Formerly National Credit Reporting Association, Inc.) is a national trade organization of consumer reporting agencies and associated professionals that provide products and services to hundreds of thousands of mortgage lenders and property managers who use consumer reports for housing decisions. 

Headquartered in the Chicago suburb of Roselle, Illinois, NCRA's Membership includes 70% of the mortgage credit reporting agencies in the United States that can produce a credit report that meets the requirements of Fannie Mae, Freddie Mac and HUD for mortgage lending.  NCRA's fastest growing Membership category is tenant-screening firms due to NCRA focus on housing issues and the education programs designed for multifamily housing needs.

SOURCE The National Consumer Reporting Association (NCRA), Roselle, IL.