VIDEO

Credit history plays such an important role in our lives today. It shapes our ability to secure housing, buy a car, qualify for a credit card, and in some industries, it even impacts our ability to get a job. Rent is usually the largest bill we pay each month, yet it rarely factors into our credit score. Why? Because multifamily property management companies generally don’t report rent payments to credit bureaus.

ResMan’s Credit Builder is an affordable fee-based amenity service that offers residents the opportunity to have on-time rent payments reported to credit bureaus.

The effects of poor credit impact consumers at every turn. There are no fast and easy ways to reestablish credit, but over time having on-time rent payments reported to credit bureaus can have a material impact. On average, Credit Builder subscribers see 20 to 40-point increases to their credit score over a 12-month period. And since Credit Builder can even report on up to 24 months of back payments, residents who have been at a property for several years stand to gain even more by signing up for the service.

Beyond credit bureau reporting, Credit Builder includes financial education as well as budgeting and spend-tracking tools to help residents better manage their finances. Residents who subscribe to the service also receive credit monitoring and identity theft protection, including a $1 million identity theft insurance policy. All these benefits are why 95 percent of Credit Builder subscribers say they’d recommend the service to others.