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New Freddie Mac Initiative Helps Renters Build Credit

08 Nov New Freddie Mac Initiative Helps Renters Build Credit

Posted at 14:32h in Alerts by Alert team

Industry Update
November 3, 2021

Source:  Yahoo! Finance

Freddie Mac today announced a new initiative to help renters build credit by encouraging operators of multifamily properties to report on-time rental payments to the three major credit-reporting bureaus. Presently, less than 10% of renters see their on-time rental payment history reflected in their credit scores, inhibiting their ability to access credit or obtain competitive rates for a range of financial products.  The initiative, which incentivizes rent reporting via technology created by Esusu Financial Inc., will seamlessly deliver on-time rental payment data from property management software platforms to the credit bureaus. It will automatically unenroll renters when missed payments occur, preventing harm to those who struggle financially.

 

For full report, please click the source link above.

 
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