As RentRedi Expands Reporting to All Three Major Credit Bureaus, Landlords See 13% Jump in On-time Rent Payments

Reporting On-time Rent Payments to Equifax, Experian, and TransUnion Helps Tenants Build and Boost Credit Scores  

NEW YORK, March 28, 2024 /PRNewswire/ -- RentRedi, an award-winning property management software that simplifies the renting process for both landlords and renters, has expanded its on-time rent reporting to all three major credit bureaus: Equifax, Experian, and TransUnion. The ability to report on-time rent payments helps tenants build and boost their credit scores, while RentRedi data shows that landlords are likely to see a 13% jump in on-time rent payments when using the RentRedi Credit Boost feature.

RentRedi Credit Boost reports on-time payments to the three credit bureaus, and when combined with the ability for tenants to schedule automatic payments through the RentRedi app, there is added incentive and convenience to being punctual with rent payments. For example, RentRedi finds that rental units with tenants who have "poor" to "fair" credit scores (in the 300-669 range) yield on-time rent payments at a rate of 93% when using the credit boosting feature. Consequently, 7 in 10 renters are more likely to make on-time rent payments when their landlords report payments to a credit bureau, according to a TransUnion report.

"Credit boosting through rent reporting is a win-win for both landlords and tenants," said RentRedi Co-founder and CEO Ryan Barone. "We are one of the few property rental software solutions to offer reporting to all three credit bureaus, providing a unique opportunity for tenants to enjoy the benefits of improved credit scores. These benefits also encourage on-time payments, making rent collection easier for parties on both sides of the rental process."

Reporting 12 months of monthly, on-time rent payments can improve credit scores by up to 26 points, with 60% of renters even seeing improvements after the first month. Higher credit scores give renters access to lower interest rates for car, home, and other types of loans. They can also increase credit limits and waive or reduce deposits to open utility or cell phone accounts. Ultimately, boosting credit scores makes renters look like more attractive tenants during the application and screening process, while also reducing the barriers to eventual homeownership.

In November 2023, a Fannie Mae poll revealed that more than 80% of renters want their on-time rent payments to be factored into their credit scores. Therefore, by offering this benefit as an amenity, landlords can make their properties more attractive to current and prospective renters — particularly given that TransUnion also reported that 67% of renters said they would choose an apartment that offers payment reporting over one that does not offer that feature.

In addition to providing credit boosting, landlords that use Rentredi have a competitive advantage because they can offer their tenants the convenience of 24/7 maintenance management and the RentRedi Renter Perks Program.

ABOUT RENTREDI

RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. For landlords, RentRedi provides all-in-one web and mobile apps to collect rent, list and market vacancies, find and screen tenants, sign leases, and manage maintenance and accounting. For tenants, RentRedi's easy-to-use mobile app allows them to pay rent, set up auto-pay, build credit by reporting rent payments to major credit agencies, prequalify and sign leases, and submit maintenance requests.

Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market, being named an Inc. Power Partner, a GetApp Category Leader, a Capterra Established Player, and a G2 High Performer and Momentum Leader based on the software's user ratings and popularity. To date, RentRedi has more than $20 billion in assets under management with nearly 200,000 landlords and tenants using the platform. The company partners with technology leaders such as Zillow, TransUnion, Realtor.com, Plaid, Stripe, and Sure Insurance to create the best customer experience possible. For more information visit RentRedi.com.

SOURCE RentRedi