EQUIFAX HAS JOINED FORCES WITH THE LARGEST REWARDS PLATFORM FOR RENTERS, Bilt Rewards, to automate rental payment reporting on more than 2 million rental units nationwide – including GID-Windsor Communities, Veritas Investments, AvalonBay Communities and BH Realty rental properties. The addition of rental payment history to consumer credit reports can help many renters establish and build credit histories, qualify for more flexible lease payment options, and gain access to more mainstream financial services offerings over time.
There are over 109 million renters across nearly 45 million rental units in the U.S. However, as Tom Ciulla, Senior Vice President, Mortgage & Housing at Equifax notes: “rental payment data is one of the most under-utilized tools for building credit histories.” While many landlords perform credit checks as part of the leasing process, rental payment data is often not reported to consumer credit reporting agencies for inclusion in credit reports. This can be a disadvantage to consumers who may have “young” files with less than two years of credit history, or “thin” files with few tradelines reported.
“By working with Bilt Rewards, we are able to streamline rental payment reporting for nearly 2 million rental units and provide consumers with the opportunity to showcase a more complete financial profile on their credit reports,” continued Ciulla.
Launched by Kairos HQ in June 2021, Bilt Rewards is the first-ever loyalty program that allows renters to earn rewards points on what is often their largest monthly expense with no fees. These ‘Bilt Points’ can be used for rent credits or towards a future down payment on a home. The company partners with the largest rental property owners and operators in the U.S., and has also partnered with Mastercard and Wells Fargo to issue the Bilt Mastercard - the first and only credit card that can be used to pay rent with no fees and earn points at any property across the country.
To enroll in Equifax rent reporting, Bilt Rewards members living in Bilt Alliance properties simply opt-in through the Bilt mobile app.
“Providing greater levels of consistency in rent reporting represents a meaningful step forward in breaking down the barriers to establishing credit for many Americans,” says Jonathan Lawless, Director of Homeownership at Bilt. “Together with Equifax, we are giving more renters the opportunity to illustrate a more complete financial profile, using on-time rental payment history to potentially gain access to lower interest rates, and ultimately improve their ability to qualify for a mortgage when they are ready to buy a home.”
For more information on Bilt Rewards and the Bilt Alliance, visit BiltRewards.com. For more information on Equifax, the use of alternative data in increasing access to credit, or rental payment reporting, visit Equifax.com.