PayLease, a leading payments, billing, and utility expense management provider for the property management and HOA industry, today announced the launch of Credit Reporting, a service that will report a resident’s rent-related payments to Experian RentBureau® and TransUnion. Credit Reporting will be available to eligible single family and multifamily property management companies who utilize PayLease’s online payment service. Residents of these communities can opt in to have rent-related payments made through PayLease applied to their credit history – potentially impacting their credit score. This service will be free to both property managers and residents.
PayLease will transmit updated rental payment data from participating residents to the credit bureaus on a monthly basis. Positive rental payment data will be incorporated within Experian and TransUnion credit reports, which are used by various types of credit-granting institutions, including banks, auto finance companies and telecommunications providers.
“Credit Reporting brings so many benefits to both property managers and residents,” said Chris Ramos, PayLease’s Director of Product Management. “Residents can build a credit history, and potentially impact their credit score as a result of paying rent on time. It incentivizes them to make their payment in a timely manner, helping to improve cash flow for property managers. Additionally, it will be a tool to help our clients collect more payments online, which reduces their administrative workload during Rent Week.”
“As part of Experian’s commitment to innovation, we pioneered the use of rental payment data in credit reports to help consumers build credit history. Collaborating with companies like PayLease is an essential component to expanding access for more consumers to become creditworthy,” said Emily Christiansen, director of Experian RentBureau. “As more property managers leverage online payments to collect rent, more residents will have the opportunity to opt-in for rent reporting and potentially benefit from established positive credit history when they go to purchase a car or home.”
PayLease provides online payments, billing, and utility expense management tools to HOAs and property management companies. Property managers use PayLease to offer their residents convenient online payment options and to improve their business’ operational efficiencies. Our solutions are easy-to-use and are backed with the highest levels of security and customer support. Since our inception in 2003, PayLease has grown to serve thousands of property management companies nationwide and is among the fastest-growing technology companies in the United States.