Tie-up helps renters establish first-time credit scores and secure loans
The National Rental Home Council (NRHC) and rent reporting company Esusu have celebrated a milestone in their partnership, enabling over 17,000 single-family rental home residents to establish an initial credit score in just one year.
The partnership, which began a year ago, focuses on enhancing the credit profiles of single-family rental (SFR) residents by reporting their rent payments to credit bureaus. The initiative involves many of the leading owners and operators of the single-family rental industry, including Invitation Homes, Progress Residential, ARK Homes, and others.
Beyond the 17,121 first-time credit scores established, the program has unlocked over $10.3 billion in capital access for mortgages, auto loans, student debt and other financial products, according to Esusu’s analysis. Residents saw their credit scores increase by an average of 39 points after enrolment, according to Esusu’s data.
“The profound early outcomes serve as a resounding reminder of the prosperity that is possible when we invest in and strengthen our communities,” Esusu co-founders Samir Goel and Wemimo Abbey said in a news release. “This is a win-win-win: for the renter, the owner, and society.”
“NRHC is proud to be at the forefront of this transformative partnership with Esusu,” added NRHC chief executive David Howard. “Together, we are ushering in a new era of financial empowerment...by embracing rent reporting.”
At Invitation Homes, over 190,000 residents are building credit through the program, with over 7,000 establishing a credit history for the first time.
“Our residents appreciate the choice and flexibility offered by a single-family rental home, and the partnerships with Esusu offer tools that can further help realize their financial goals,” said CEO Dallas Tanner.
Progress Residential has seen 53% of participating residents boost their scores since its March 2022 launch, with over 8,000 gaining an initial credit score.
Read next: Manhattan apartment rents drop amid busy leasing season
“We commend NRHC for advocating for the expansion of positive rent reporting, and the transformative impact our support will have on financial well-being,” said CCO Hila Roberts.
At ARK Homes, over 60% of residents achieved an average 40-point score increase, empowering new financial opportunities.
“We are dedicated to transforming lives, fostering resilience, and building an inclusive community where everyone can thrive,” stated CEO John Isakson.
The initiative has also deployed over $1.4 million in rent relief to prevent 656 households from potential eviction due to financial hardship.
Stay updated with the freshest mortgage news. Get exclusive interviews, breaking news, and industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
