Rent Reporting is an optional service that may help build your residents’ credit profiles by automatically reporting their rent payment activity to the three major credit bureaus — Equifax®, Experian®, and TransUnion®. At $4.99/month, residents can easily sign up and pay through Resident Center, and there is no administration or change to existing processes for your property or staff.
1Alternative Data Such as Rent Payment Reporting Bridges the Gap for Unscorable Consumers and Increases Financial Inclusion Opportunities. TransUnion (2021). See also https://www.usatoday.com/story/money/2019/06/26/credit-score-your-rent-can-boost-your-fico-score-instantly/1556743001/
2This is subject to change without prior notice, but your monthly rent payments will be reported to at least one of the three major bureaus during your subscription to Rent Reporting, powered by Buildium.
Consumers recognize that good credit scores impact them on many levels — from their ability to rent without a cosigner to securing good interest rates on car loans and other revolving credit. That’s why approximately 60% of renters will choose an apartment that offers rent reporting over one that does not3, and those same renters are more likely to make on-time rent payments. Here’s how Rent Reporting may help you and your residents:
- Enhance resident credit health: Help your residents build their credit scores by an average of 60 points.
- Reward responsible renters: Encourage on-time rent payments and reward responsible renters.
- Attract long-term residents: Directly reporting rent payment activity attracts residents more likely to make on-time payments, promoting longer tenancies.
- Streamlined process: Buildium’s fully integrated Rent Reporting service adds value without burdening your staff or existing processes.
3 Rent Reporting Will Motivate Seven in 10 Renters to Make More On-time Payments (globenewswire.com) (TransUnion (2019)).
Buildium Rewards for Rent Reporting is a rewards program that gives you the opportunity to put money back in your pocket. When your residents sign up to start building their credit through rent reporting, you can qualify for different reward amounts, credited to your invoice, based on the number of residents that have signed up.
Getting started is straightforward:
- Make sure that Rent Reporting is made available to residents via the resident center. This can be turned on in Resident Center settings
- Promote Rent Reporting to Your Residents: Encourage your residents to sign up for Buildium’s Rent Reporting service.
- Earn Rewards: As your residents sign up and use the service, you automatically earn rewards, adding a new revenue stream to your business. The higher your adoption rate, the higher your account credit.
No sign up is necessary to join Buildium Rewards—if you have Buildium, you have Buildium Rewards. Once your residents start using Rent Reporting, you’ll automatically start earning rewards as a monthly credit to your Buildium invoice when you qualify for the first reward tier.
