For properties that work with PayLease online payments, residents may choose to have rent-related payments applied to their credit history, empowering them to improve their credit and enabling property managers to differentiate their property. PayLease Credit Reporting shares a resident’s rent-related payments with Experian RentBureau® and TransUnion®, which are used by various types of credit-granting institutions such as banks, auto finance companies and telecommunications providers. Only positive, on-time rental payment data is submitted. This is an important distinction, as it’s a powerful incentive and draw for responsible, reliable tenants. Credit Reporting with PayLease is a win-win for residents and property managers.
Why Residents Love It
Residents can build their credit history and potentially improve their credit score without taking on additional debt
Having a positive credit history and a high credit score has many benefits including the opportunity to get loans with lower interest rates, higher chances of getting approved for a car or home loan, and an easier time in getting rental housing
Why Property Managers Love It
Credit Reporting is a differentiating feature for a property and attracts responsible residents
Cash flow is improved thanks to the on-time payment incentive for residents
Staff saves time when more residents pay online to take advantage of credit reporting