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Transunion credit ze independent11/18/2023 ![]() We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. The property manager survey took place in late April and early May 2019 and included responses from 74 multifamily executives. The online renter survey took place in May 2019 and included responses from 1,330 renters ages 18 and above who are who are renting the home or apartment in which they currently live. For more information on TransUnion’s rent payment reporting solution, please visit. Information from the above surveys as well as other TransUnion data will be unveiled today at the National Apartment Association Apartmentalize Conference. “Our goal is to educate and motivate more property managers to begin the practice of rent reporting because it’s clear that the benefits will not only help them, but many renters as well,” concluded Johnson. Lowering risk of evictions. Approximately 82% of respondents said they would be somewhat or very likely to report rent payments if it could lower the risk of evictions or renters who skip on payments.Attracting more reliable renters. More than 84% of respondents said they would be somewhat or very likely to report resident’s rent payments to a credit bureau if it would attract more renters who pay on time.Incentivizing behavior of current renters. Nearly 82% of property managers were somewhat or very likely to report rental payments if they could help incent residents’ behavior to have them pay on a timely basis.Other potential benefits of rental reporting that interested multi-family executives, included: Though 83% of property managers said they do not report rental payments, 65% were aware of the benefits that can be derived by doing so. One of the misconceptions surrounding the service is that it is difficult or time consuming to implement, when it is actually very easy to do. ![]() “Including this form of alternative data on a credit report not only has the potential to boost credit scores in the near-term for consumers who pay on time, it can also benefit consumers down the road as they look to obtain lower interest rates, qualify for more credit products or gain access to higher credit lines or personal loans,” added Johnson.įrom a property manager perspective, TransUnion’s survey of multi-family rental executives found that more education about rent reporting is needed. ![]() The analysis also found that subprime consumers who make timely rental payments may see their credit score increase by as much as 26 points over the same time period. The study found that 100% of residents who were considered unscorable at the time of application became scorable following a year of rent payment reporting. The benefits of rent reporting to consumers were highlighted in a TransUnion study of rental applicants during 2017. When Two Apartments are Identical, the Percentage of Renters Who Would Choose the Rent Unit that Offers Rental Payment Reporting Percentage of Renters More Likely To Pay Rent On Time if Property Managers Reported Rent Payments to Credit Bureaus Younger Generations Most Interested in Benefits of Rent Reporting
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