Credit Building Through Rent Reporting
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It's becoming increasingly important to have good credit if you want access to financial products or services. The same is true for aspiring homeowners and renters alike. Individuals with poor or no credit face higher housing costs through more expensive mortgages, and can even be turned away from rental properties. A promising solution to this credit challenge is rent reporting: the monthly reporting of tenant rent payments to at least one of the major consumer credit bureaus for inclusion on consumer credit reports.
Rent reporting can provide individuals with poor or no credit an opportunity to build up their credit without taking on additional debt, applying for a new product or making another monthly payment. Including these types of payments may reduce structural inequality and bring many previously excluded households into the credit mainstream.
Join Prosperity Now's Affordable Homeownership Network and Savings Network for a webinar on Tuesday, April 2, 2019 from 2-3:30pm ET to discuss the major issues around effectively implementing rent reporting, such as client selection, integrating financial capability services to support rent reporting, and how to make sure your organization is ready to launch a program. We'll touch on considerations around geography, racial equity, financial mobility, and more. We look forward to your participation—bring your questions and your expertise!
- Talia Kahn-Kravis, Credit Builders Alliance
- Jemila Hart, Housing Authority of Clackamas County
- Allison Pendell Jones, AHC Greater Baltimore
- Jacqueline Huel, AHC Great Baltimore resident
- Pamela Agava, Prosperity Now