Experian Integration

Improving Credit History

By Lee Ann Stiff on Jul 11, 2016 in News

For many consumers, the credit reporting industry is key to achieving important milestones — including buying a car, getting a job, and leasing a home. And when it comes to renting an apartment, property managers typically prefer applicants with a record of paying rent on time (even if they’ve made a few late payments on their credit card bills). But what about new renters or renters who are looking to build or rebuild their credit history?

Thanks to a new collaboration between Yardi and Experian RentBureau, rent payments can now be used to build credit history. Yardi has worked with Experian RentBureau to launch an interface that helps renters build credit history by having their rental payments reported to Experian RentBureau.

“We are on a mission to broaden opportunities for consumers to gain access to the credit marketplace,” said Emily Christiansen, director of Experian RentBureau. “By working with Yardi, we are significantly expanding the number of consumers who can benefit from having their rental payments reported, which can make a real impact in the daily lives of renters nationwide.”

In addition to the benefits for consumers, property managers who furnish rental payment history data to Experian RentBureau gain enhanced protection from lease skips, a faster debt-recovery process and more residents paying rent in a timely manner.

Yardi clients simply sign up with Experian RentBureau to have their rental payment history data reported automatically from Yardi Voyager^®.

“We are dedicated to continually improving our platforms and services to further meet the evolving needs of our clients,” said Patrick Hennessey, vice president and general manager of Resident Screening at Yardi. “Adding the capability to report valuable rental payment data to Experian RentBureau through a seamless process will help our clients manage their portfolios more efficiently and enhance service to their clients — which positions them for real growth.”

Rental payment history data also is available to Yardi clients through Yardi Resident Screening™. The online system enables clients to make more informed applicant-screening decisions, reduce skips and accept higher-quality residents.

And while the new interface is bound to empower property managers and renters alike, there are other positive changes on the horizon. New legislation introduced to Congress by Rep. Maxine Waters, D-CA, called the “Comprehensive Consumer Credit Reporting Reform Act of 2016,” is designed to improve credit reporting in the U.S. to create a fairer, more accurate and less confusing system for consumers.

Learn more about how to approve low-risk renters with Yardi Resident Screening.