SANTA BARBARA, Calif., Jan. 13, 2016 /PRNewswire/ -- RentTrack, a pioneer in online rent payments and rent reporting, is proud to announce that it is now officially contributing rental tradelines to Equifax Inc. (NYSE: EFX). RentTrack is one of the first online rent payment companies to report to all three major credit bureaus.
Until recently, it was uncommon for renters to have the opportunity to build their credit history when paying on-time. For many, rent only showed up on their credit report if they were late or evicted. Rent reporting allows residents to build their credit history without relying on debt or other types of credit.
"We're thrilled to be working with Equifax to help our residents build credit history without taking on debt," said Matt Briggs, Founder & CEO of RentTrack. "Rent payments are quickly becoming the next big thing for credit reporting and scoring, and RentTrack is excited to be at the forefront of this movement with Equifax."
"RentTrack provides an efficient new access point to the traditional credit reporting process for renters and property managers," said Michael Gardner, Senior Vice President and Sales Leader at Equifax. "As there are over 100 million renters in the United States, we see rental data reporting as a way for many men and women to both build and maintain credit. In particular, we see an opportunity to support the millions of individuals and families who today have limited means to develop the history needed to gain access to many credit products."
RentTrack also integrates directly with many of the top property management accounting software packages, making the collection of rent easier as well. For property managers, becoming a certified data furnisher and complying with the applicable regulations is a daunting process. RentTrack reduces the complexity, cost and compliance risk of reporting to all three credit bureaus, while enabling online rent collection and a streamlined, end-to-end accounting process.
With increasing connectivity between industry participants around rental data reporting, and as major scoring models begin to incorporate these rental tradelines, rent payments are rapidly becoming the most important "non-traditional data" on a consumer's credit report.
RentTrack® gives residents a real reason to pay rent online and on-time. RentTrack's online rent payment system can report rent payments directly to major credit bureaus to help residents build credit history. For the first time, consumers have a new avenue to build credit without incurring debt. RentTrack makes it easy to accept credit cards and e-checks online while maintaining an easy integration with the accounting software. For more information, visit www.renttrack.com.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2015, Forbes named Equifax one of the World's 100 Most Innovative companies; Bloomberg BusinessWeek nominated it as one of its Top 50 companies; its CIO was named one of the top 100 by CIO magazine; the company ranked 16th in the Fintech 100 list; and it was recognized as a top 20 company to work for by the Atlanta Journal-Constitution and was named a 2015 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com.
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