The preliminary results in Home Forward’s program show consistent promise for continued success:
Rent reporting offers a significant credit-building opportunity to residents living in public housing. Of the eighteen residents whose credit reports were pulled prior to and after the rent reporting trade line was added at the time of this report:o Sixteen participants started with a credit score and two were unscored. o The average score change among all sixteen participants who started with a score was a 34 point score increase.
While four of the sixteen experienced a credit score decrease, of the 12 whose scores went up the average increase was 57 points.
Among the sixteen participants with a credit score, the average score prior to rent reporting was 579 and the average score after rent reporting was 613.o The two participants who started out unscored obtained scores averaging 616.
Rent reporting is seen by renters as a great opportunity for credit building and, paired with credit education, is a powerful financial capability strategy for public housing authorities seeking to help their residents achieve financial stability.o 100% of residents who participated in credit education seminars stated that they were likely or very likely to consider their credit when making future financial decisions.