This post was originally written by Kerry Sugrue, former Social Media Specialist at Apartments.com.
It shouldn’t come as a surprise that, according to credit agency Experian, the lowest credit scores belong to those 18 to 29 years of age. In fact, a recent National Multi Housing Council (NMHC) survey found this age demographic also happens to account for the largest segment of renters in the United States. In the past, renting an apartment had little to no effect on a person’s credit score, but thanks to Experian’s recent acquisition of RentBureau, you can help residents increase their credit scores by reporting timely rent payments!
“Experian is now incorporating rental-payment history data from its recently acquired RentBureau unit into its traditional credit file, which it says will make it easier for college students, recent graduates and immigrants to boost their credit scores — if they pay their rent on time”, as reported by The Chicago Tribune blog. How can you use this information to help your residents? Be sure to report their payments properly so they can get credit for paying their rent. Not only will this boost their personal scores, but it will also encourage your residents to get their rent in on time! This is what I call a win-win situation.
What do you think? Will helping those who pay their rent on time lead to happier residents and improved resident satisfaction?