LOS ANGELES, Oct. 20, 2014 /PRNewswire/ -- PayYourRent, a leading provider of online payments in the multifamily industry, is collaborating with Experian RentBureau® to help renters build their credit histories. Now, each time a resident pays their rent on-time with PayYourRent, Experian®, a major credit reporting agency, will record that positive rental data into the company's credit reports. For the first time ever, renters' timely monthly payments will be included alongside the usual credit report considerations.
Until now, only mortgage, credit cards, and car payments, along with negative rental data such as rental collections, were considered when composing a credit report. Despite years of successful management of rent payments, many individuals—particularly non-credit-active and cash-based consumers—were not getting credit for paying their rent on time. Experian RentBureau, the nation's largest database for rental information, was the first to rectify the issue by incorporating the on-time rental payment data reported to Experian RentBureau into Experian credit reports. Now, thanks to a new relationship with PayYourRent, even more individuals can benefit from paying their rent on time.
"If a person can be penalized for negative rental data, we believe it only fair they have the opportunity to benefit from their successful and timely payments as well, which is why we've decided to work with Experian," says Kevin Eberly, CEO for PayYourRent. "We are so excited about this incredible opportunity for our residents to build their credit history."
After using PayYourRent, Experian can record residents' 25 most recent months of rental payments, if available, to their credit report, helping them build a solid credit history to support future endeavors.
"Helping people build their credit history has been a top priority for Experian, and with this collaboration, there is another option for consumers to make their rental payments really count," said Brannan Johnston, vice president and managing director, Experian RentBureau. "Credit plays an integral role in millions of people's lives, and through these combined efforts with companies such as PayYourRent, we are expanding and improving the choice and flexibility available to consumers to build their credit history."
Finally, renters are earning credit where credit is due.
PayYourRent is one of the leading providers of online payments in the multifamily industry. Beyond enabling managers to collect rent and dues payments online by ACH or Credit Card, PayYourRent offers a number of other features to property managers that help automate the day-to-day operation of their properties. In addition, residents can benefit from both one-time and recurring payment options to better streamline their rental management.
For more information, please visit http://www.payyourrent.com/
About Experian RentBureau
Experian RentBureau is the largest and most widely used database of rental payment information, and it currently includes information on more than 12 million residents nationwide. Property management companies and electronic rent payment processors report rental payment data directly and automatically to Experian RentBureau every 24 hours. This detailed rental payment information enables organizations to make better-informed decisions. Property management companies utilize this data to screen new rental applicants' payment history as part of their existing resident screening services.
Experian was the first major credit reporting agency to incorporate the positive rental payment data reported to Experian RentBureau in consumer credit reports, enabling residents to build credit history by paying rent responsibly.
To learn more about Experian RentBureau, please visit www.experian.com/rentbureau.
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