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Rent Reporting for Credit Building Consulting

CBA’s Rent Reporting for Credit Building consulting service supports mission driven affordable housing providers to implement rent reporting for credit building initiatives in order to help their residents build credit histories and offer them a positive incentive for on-time rent payment.

What is Rent Reporting? Regular monthly reporting of tenant rent payments to at least one of the major consumer credit bureaus for inclusion on consumer credit reports.

What is Rent Reporting for Credit Building? The pairing of rent reporting with credit/financial coaching and/or education and asset building programs for the purpose of supporting residents to build credit as a foundational asset and leverage improved credit to achieve financial goals.

Why Rent Reporting?

Problem: Unlike homeowners, renters do not ‘get credit’ on their credit report for making their monthly housing payments. 45% of individuals in low-income neighborhoods are ‘credit invisible’ or ‘unscorable’. Many have few opportunities to build credit history which directly impacts their ability to get and stay ahead in today’s economy.

Solution: Reporting rental payments offers low-income renters an opportunity to build credit as a financial asset and mission-driven affordable housing providers (AHP) are poised to help them do so. CBA supports AHPs to develop and implement Rent Reporting for Credit Building initiatives and is working with the credit bureaus and other industry partners to help streamline the reporting process for AHPs.

Goal: To help catalyze rent reporting as a powerful strategy to enhance AHP residents’ credit profiles and financial opportunities as well as to improve AHPs’ property portfolio performance.

What are the Benefits of Rent Reporting?

Residents gain the opportunity to build credit without assuming additional debt through the establishment of a new, positive, active trade line on their traditional consumer credit report.

Resident Service Providers gain access to a credit building “product”/mechanism around which they can wrap coaching and education in order to provide residents with a means to measurably improve their credit profile and ultimately other financial outcomes.

Property Managers gain a tool to offer a positive incentive for increasing on-time rent payments and a competitive advantage in recruiting new residents.

What does CBA’s Rent Reporting for Credit Building consulting service offer?

Contract CBA to conduct an organizational assessment and support the design and implementation of your organization’s rent reporting
for credit building initiative! CBA will assist your organization in…

  • determining your readiness, capacity, and reporting options;
  • identifying and engaging with key stakeholders regarding roles and responsibilities in order to support rent reporting setup and ongoing efforts, as well as to develop resident outreach strategies and plans;
  • assessing technological issues;
  • incorporating materials from CBA’s Rent Reporting for Credit Building Toolkit including opt-in forms, sample resident outreach materials, outcome tracking tools, and more;
  • participating in CBA’s Credit as an Asset training for staff (click here for more information);
  • a toolkit specifically designed for your organization including new specialized resident outreach and other resources;tailoring of rent reporting resident outreach, credit education, & outcome tracking strategies for incorporation into your organization’s existing or new programming; and
  • customized virtual or in-person staff training and support.

What Does the Service Cost?

We will create a customized consulting package that is tailored to meet your needs. Contact us and we will work with you to create a no-obligation proposal of services. Consider becoming a CBA Member to take advantage of reduced rates!

CBA recognizes that:

  • Implementing a rent reporting for credit building initiative is an investment in your organization and in your residents. We are happy to support you in raising funds to cover your and our costs.
  • Not every organization requires the complete consulting package. We are happy to work with you to meet your organization’s needs and budget.

Learn More and Get Involved

  • Read about the results of CBA’s multi-year Power of Rent Reporting pilot, funded by the Citi Foundation, and implemented in collaboration with Experian RentBureau and eight affordable housing providers
  • Review CBA’s Rent Reporting for Credit Building Consulting service flyer
  • Contact us at programs@creditbuildersalliance.org

Calling all Funders: Are you interested in sponsoring an affordable housing provider in your community to implement a rent reporting for credit building initiative?

Please email programs@creditbuildersalliance.org to learn more about how we can match interested funders to to local affordable housing providers seeking to offer this innovative opportunity to their residents.