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.