A recent article by DS News says only 36% of property managers who are aware of the practice of reporting rent payments to the three major credit agencies are actually doing it. The cited data comes from a TransUnion Tenant & Employment business department report. Interestingly, they add that the 36% of property managers who are reporting this information has increased 37% year-over-year. The top reasons cited for reporting rent payments were to help residents build their credit scores (86%), followed by encouraging residents to pay on time (52%).
“Our residents deserve opportunities to build their credit from on-time rent payments that give them access to more financial services such as favorable interest rates on auto loans,” said Matt DeGraw, President, Bridge Property Management.
Click here to read the full story at DS News.