PayLease today announced that its Credit Reporting service, which reports on-time rent payments to Experian and Trans-Union, is successfully improving credit scores for renters enrolled in the program. Data published in a new article by Fast Company reveals that rent payment history can boost credit scores for up to 76% of renters. PayLease offers Credit Reporting to its 4,5000 property management clients and their 12.5 million renters who utilize the platform to pay their rent online. There is no charge to the property management company or the resident for utilizing the Credit Reporting service.
To activate credit reporting, residents can opt in to the service when they make an online payment using PayLease. Once they opt in and provide the necessary information, PayLease will report all of their on-time rent payments to Experian and Trans-Union. Late payments and transactions made outside of the PayLease platform are not submitted to the credit bureaus. Residents can opt out of the service at any time.
According to Fast Company’s research, 45 million Americans lack a credit score. By using PayLease’s Credit Reporting, these individuals can create positive momentum towards establishing a solid credit history. Property managers also benefit from Credit Reporting as it encourages their residents to pay on time, ultimately improving cash flow for the management company.
“PayLease has a unique opportunity to help renters in a meaningful way”, adds Kristin Runyan, the SVP of Products at PayLease, “and we enjoy partnering with our property management clients to offer this easy and beneficial service to renters for no additional fee.”
PayLease provides online payments, billing, and utility expense management tools to HOAs and property management companies. Property managers use PayLease to improve their business’ operational efficiencies and boost net operating income. Our solutions are easy to use and are bolstered by 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 now among the fastest growing technology companies in the United States. For more information, please visit www.PayLease.com.