New RentPlus and Fannie Mae Program to Help Renters Build Credit
RentPlus launches initiative with Fannie Mae to help renters build credit through on-time rent payments
Rent Dynamics announces that RentPlus, powered by Rent Dynamics, will work with Fannie Mae to grow their program to help renters build credit by working with owners and managers to report on-time rental payments to the three major credit reporting bureaus.
RentPlus is the leading rent reporting provider capturing rental payment data directly from the Property Management System, allowing for a low lift process saving leasing teams time. Disclosing on-time rent payments allows renters to build and establish their credit scores while helping property owners increase revenue and lower their delinquency rates. On average, RentPlus users see an increase in 42 points in the first year of using the program, and an increase of 80% in on-time payments for the Property Managers.
RentPlus’ platform aligns with Fannie Mae’s goal of creating and growing fair solutions for renters. Alex Buchanan, COO of Rent Dynamics states, “Renters have worked extremely hard to ensure they make their rent payments on time, and RentPlus, powered by Rent Dynamics, has helped ensure that this effort is reflected on their credit reports. Working with Fannie Mae will help execute their vision that renters are rewarded for their work.”
“Rent Dynamics’ RentPlus is working with property managers to help renters establish their credit history and improve credit scores using Fannie Mae’s Multifamily Positive Rent Payment Reporting,” said Michele Evans, Executive Vice President, Head of Multifamily, Fannie Mae. “Multifamily borrowers who adopt Positive Rent Payment Reporting could help more renters who pay on time each month, including historically underserved groups, improve their credit scores or build their credit history.”
With Fannie Mae and Rent Dynamics’ best-in-industry processes, people, and services, it is clear that this collaboration will create more opportunities for those underserved by the credit and renting industry while helping property managers, owners, and developers expand their support of ESG & CSR initiatives. Creating impact in a number of categories, including:
- Standardizing rent reporting
- Helping renters become homeowners
- Helping landlords shed the big bad landlord identity
- Promoting financial inclusion
- Changing mindsets of landlords from the top down
This pilot program supports Fannie Mae & Rent Dynamics’ objective to further accelerate the adoption of rent payment reporting across the multifamily industry. To learn more about the program, visit https://multifamily.fanniemae.com/positive-rent-payment.
Source: Fannie Mae and Rent Dynamics