GID-Windsor Communities Partners with Bilt Rewards to Provide Residents with Free Rent Reporting to All Three Bureaus, Helping Renters Build Credit History and Qualify for Homeownership

NEW YORK, June 14, 2022 /PRNewswire/ -- GID, a fully integrated real estate company with a wholly-owned property management company, Windsor Communities, and Bilt Rewards, the leading rewards platform for renters, today announce a partnership enabling free rent reporting to landlords and residents within Windsor Communities, a network of over 46,000 rental units across the country.

Starting today, renters at the more than 130 properties will be among the first to receive access to free rent reporting with each on-time rent payment, helping renters to build their credit score and in turn, qualify for lower borrowing rates and greater financial opportunities when they look to buy a future home.

Of the new offering, Tom Sloan, Executive Vice President of GID and President of Windsor Communities says, "At Windsor Communities, we are invested in the wellbeing of our residents and aim to create value for them by offering amenities that truly benefit their day-to-day lives. Our partnership with Bilt allows us to offer services that extend beyond traditional amenities and will make a difference for our residents for years to come."

Aligned with Bilt's mission to improve the financial outcomes and quality of life for renters, Windsor Communities will work with Bilt to include resident rent payments within their consumer credit files, free of charge for residents.

While the U.S. counts over 109 million renters across nearly 45 million apartments today, it's estimated that less than 10% of those renters currently see their on-time rental history reflected in their credit scores. This can be a disadvantage particularly for Gen-Z and Millennial renters, many of whom carry "thin files" due to their short credit histories, making it difficult for lenders to see them as strong borrowers.

A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score, which can make a significant difference in access to loans and mortgage rates.

"Offering free rent reporting is a huge step forward in breaking down the barriers to establishing credit for millions of Americans," says Jonathan Lawless, Director of Homeownership at Bilt. "By taking advantage of this service, renters will have the opportunity to boost their credit scores, gain access to lower interest rates, and approve their ability to qualify for a mortgage when they are ready to buy a home." 

To enroll in free rent reporting, Bilt Rewards members living in Windsor Communities can opt-in through the Bilt mobile app starting today. Upon paying rent through the app, on-time payments will earn rewards and be reported directly to Equifax, Experian and TransUnion.

For more information on GID-Windsor Communities and the Bilt Alliance, visit BiltRewards.com.

GID is a privately held and fully integrated real estate company that develops, owns, and operates a premier portfolio of multifamily, industrial, and mixed-use developments. Windsor Communities, the firm's in-house property management arm, manages all of GID's multifamily properties across the United States. Windsor Communities has achieved a long-standing reputation in the property management industry and is continuously recognized for its top-rated customer service, established and successful ESG standards, cutting-edge technology, notable marketing, and outstanding maintenance services. www.GID.com

Launched by Kairos HQ in June 2021, Bilt Rewards is the first-ever loyalty program that allows renters to earn points on rent with no fees and builds a path towards homeownership. Through a partnership with the country's largest owners including AvalonBay Communities, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards enables renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 11 loyalty programs allowing travel across over 100 major airlines and hotel partners; fitness classes at the country's top boutique studios including SoulCycle, Solidcore, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use Bilt points for rent credits or towards a future downpayment. Bilt has also partnered with Mastercard and Wells Fargo to issue the Bilt Mastercard - the first and only credit card that can be used to pay rent with no fees. Bilt is a Kairos company. For more information, visit BiltRewards.com.

SOURCE GID Real Estate