CINCINNATI and LOS ANGELES, May 6, 2020 /PRNewswire/ -- London Computer Systems (LCS) an industry leading provider of business critical-software technologies, including Rent Manager, announces a partnership and integration with Sperlonga Data and Analytics Systems, the nations leading provider of credit reporting technology. The partnership will allow for seamless participation to utilize credit reporting for all Rent Manager clients.
Credit reporting is the standard in the credit markets used by lenders for home mortgages, auto, student, credit card, marine, consumer finance and others yet has had a slower adoption when it comes to reporting rents. "If a lender provides $300,000 for someone to buy a condo they are reported monthly to the credit bureaus, however, if that same person rents a $300,000 apartment, they aren't reported even though the rent amount is generally higher than the mortgage?" says Grant Jackson, Sperlonga's Head of Sales. "Given the increased importance of someone's credit report and score on their lives, we believe that more people need to get "credit" for making their payments timely."
"Rent Manager is excited that Sperlonga is leveraging our platform and API to provide their service to more customers than ever before. Credit reporting is one of the many ways that our Integrations Program helps property managers and residents," says Joe Easton, who runs channel partnerships for Rent Manager.
Sperlonga's solution allows landlords and property managers to report to the credit bureaus no differently than any lender. The technology is fully integrated with Rent Manager which allows for a seamless process so that credit reporting runs in the background for landlords and property managers. Sperlonga also manages all consumer inquiries and any disputes that may arise from time to time. "Sperlonga's solution empowers property managers with an incredible tool that hasn't been available to them in the past" says Jackson. Tenants who pay timely receive good points and those who don't pay on time receive negative remarks. This creates a dynamic where tenants have a tool in building their credit just as long as they pay their rent on time.
Historic results have been impressive. "We see delinquencies drop by up to 35% in the first 90 days of reporting" says Dawn Irion, Head of Data for Sperlonga. "Further, we hear stories all the time of someone's credit score increasing by 20, 50 or even more points just by making their regular scheduled payments."
Sperlonga's service is different from other rental reporting technologies which focus on a "tenant pay" model. With "tenant pay" tenants decide which months to report and which months not to report and pay a sizeable fee to the provider each time. Sperlonga's model is more encompassing, reporting on every tenant in a property every month and isn't paid for by the tenant. "If you aren't going to pay on time for the month, you obviously don't pay to have someone report your delinquent payment to the credit bureaus," says Irion. "Underwriters understand this and will see right through it when looking at a credit report, which has holes in the payment history being reported" she continues. Having a consistent record of on-time payments is known to be the leading factor in achieving a higher credit score.
About London Computer Systems
London Computer Systems (LCS), is the developer of the property management software, Rent Manager®, and other business-critical technologies.
Founded in 2011, Sperlonga Data and Analytics offers fully integrated and seamless credit reporting for industries which have traditionally not had access to the credit reporting ecosystem, giving property managers a powerful tool to increase payment compliance and reduce delinquencies.