FORT COLLINS, Colo., Sept. 19, 2024 (GLOBE NEWSWIRE) -- TurboTenant, the leading all-in-one property management software, has announced that 96% of tenants enrolled in its Rent Reporting program pay their landlords on time and in full. Started in 2019, this initiative empowers tenants to build credit history by submitting their on-time rent payments to TransUnion and Experian.
“TurboTenant’s Rent Reporting program provides a meaningful opportunity for renters to establish a solid financial foundation using their biggest monthly bill, which is especially crucial in today's economy,” said Harrison Stevens, TurboTenant’s Vice President of Marketing.
Not only does Rent Reporting benefit landlords by incentivizing on-time payments, but it also integrates these payments into the broader credit reporting system. This shift challenges the notion that renters, particularly those in the lower- and middle-income brackets, can’t build credit history effectively. According to a 2023 study by TransUnion, 80% of renters who had their rent payments reported saw an increase in their credit scores.
As more tenants recognize the benefits of Rent Reporting, it is likely to reshape their financial outlook and credit accessibility.
“By putting rent payments to work for tenants via credit building, we're fostering responsible financial behaviors that can have lasting impacts on their future while reducing friction in the landlord-tenant relationship,” said Stevens. “The better their credit score, the easier it is to secure a loan with favorable terms. That can change people's lives, from helping them afford a car to buying their first home.”
To enjoy the benefits of Rent Reporting, tenants should ask their landlords to create a TurboTenant account, where they can collect rent and track their rentals’ financial records for free. The tenant can then sign up for Rent Reporting for just $4.99/month. Also, tenants can set up automatic rent payments for free, making on-time rent payments that much easier.
TurboTenant currently shares tenants’ on-time payments with TransUnion and Experian, which are two of the three major credit bureaus. By reporting to multiple bureaus, renters have an even greater opportunity to enhance their creditworthiness. Overall, TurboTenant’s Rent Reporting program stands out as a powerful tool that bridges the gap between rental responsibilities and financial empowerment.
About TurboTenant
TurboTenant’s mission is to empower landlords by providing the tools they need to thrive, including insight into industry trends. TurboTenant serves over 650,000 American landlords by offering rental applications, tenant screening, property marketing, maintenance management, lease agreements, online rent collection, and more.
Please contact press@turbotenant.com or visit turbotenant.com for more information.
Media Contact:
Krista Reuther
press@turbotenant.com
