Credit Education
Credit is an important three-digit number that impacts your resident’s ability to access different financial services that are available through financial institutions. Several factors play a role in determining an individual’s credit score such as:
- Payment History (credit cards, loans (car/student), mortgages)
- Credit History/Age
- Amounts Owed/Balances
- Available Credit
By improving your residents’ credit scores, it will help them unlock more affordable access to the different financial tools and services that are available in the marketplace (Credit Cards, Loans, Mortgages, etc.)
With Esusu Rent Reporting, our no-harm policy is a great benefit to your residents as we do not report negative payment data to the credit bureaus. Our ultimate goal is to assist in building positive credit scores for your residents to help bridge the racial wealth gap and keep families in their homes.
It is important to note that every resident’s circumstances are unique and Esusu cannot guarantee credit increases for every resident due to their unique credit risk profile and there are multiple factors impacting a resident’s score. Below are some statistics from the Esusu Rent Reporting program:
- Residents who verify two (2) years of rental history and who already have established credit could potentially see an increase of 25-110 points if their rental history does not contain any late payments
- Residents who do not have a credit score at all could potentially jump up to the mid-600s by adding two (2) years of rental payments to their credit file
Still Have Questions?
If you have any questions or need any additional guidance, please reach out to our support team at rentsupport@esusu.org