Experia, one of the big three credit reporting agencies, is now including rent payment data in credit reports. As Experian now owns RentBureau’s multi-family division, landlords and property managers can now help good tenants by reporting prompt payments.
According to Brannan Johnson, VP and Managing Director of Experian RentBureau, over one third of “consumers in the highest risk VantageScore® score band will improve to at least the next score band with the addition of positive rental data from RentBureau. According to Multi-Family Housing Council, about 96 million people, or about one third of the US population, live in rentals.
It sounds like a lot of people could benefit from this. RentBureau currently collects rental data representative of 8 million tenants. Millions of tenants can help their credit. Property Managers and landlords are equipped with a new tool to reward prompt rent payments.
The upside is clear. Is there a downside?