COSTA MESA, CA - Experian®, the global information services company, today announced that it has purchased RentBureau®, the largest and most widely used credit bureau for the multifamily industry. The acquisition provides Experian with the most comprehensive rental payment database to offer property managers and resident screeners a more accurate and complete picture of renters. It also offers renters an opportunity to build credit with continuous on-time rental payments.
"At Experian, we see this acquisition as part of our ongoing efforts to capture the total picture of a consumer's payment record," said Steven Wagner, president of Experian Consumer Information Services. "We recognize the value that this information being on file brings to non-credit-active, cash-based consumers, and we intend to leverage Experian's brand and scale to grow this area of our business quickly."
RentBureau's database receives rental payment histories every 24 hours from its national network of apartment owners and managers, which currently includes more than 7 million residents nationwide. Members of this network furnish their rental data to RentBureau directly and automatically from their property management software. In return, members receive immediate, centrally stored, integrated verification of new applicants' payment history as part of their existing apartment applicant screening services. Experian also will offer its resident screening partners this robust data to significantly reduce the risk of skips, bad checks, evictions and property damage.
Additionally, the planned inclusion of rental history in credit files promises a great benefit for renters, especially those among the United States' 50 million underbanked consumers. RentBureau is the largest neutral repository available to all resident screening companies to collect both good- and bad-performing rental histories, allowing consumers to actually build or rebuild good credit by paying rent on time as agreed. In the past, only a subset of negative rental behavior, such as evictions and collections, were reported to consumer reporting agencies, and on-time rental payments did nothing to boost a credit score. In the near future, rental lease payments will be leveraged by consumers to qualify for new leases or other financial products that they deserve.
"Experian is a world-class company that fully understands how rental payment data can help the third of the U.S. population that rents improve their credit while simultaneously helping the multifamily industry significantly reduce losses from bad debt," said Eric Hartz, president and CEO of DSI Holdings, LLC. "This transaction is the realization of our vision to make rental data meaningful inside and outside the multifamily industry. Our current clients and partners will greatly benefit, as will those that see this as an opportunity to use rental history data for the first time."
"MEB has long been a supporter of RentBureau's twofold mission," said Jodi Sheahan, principal of MEB Management Services and 2010 Chairperson for the Arizona Multifamily Association. "RentBureau provided the property management industry with the means to make more informed leasing decisions and supported the millions of renters wanting 'paper recognition' for paying their rent on time as agreed month after month. Experian has the potential to expand this opportunity for both parties, and I am happy to see the company establish their leadership position."
RentBureau is the multifamily division of Atlanta-based technology company DSI Holdings, LLC, formerly RentBureau, LLC. RentBureau will immediately become a part of Experian. Operations will remain in Atlanta, Ga., and current RentBureau clients and partners will not experience any disruption to service while the team quickly integrates its operations with Experian over the coming months. The core team of founders and executives that created RentBureau will continue operations through its Decision Services International (DSI) division. DSI will continue to deliver data-driven decision products and services, specializing in lending/credit and other consumer transaction software, processes, payment and reporting capabilities.
Experian is the leading global information services company, providing data and analytical tools to clients in more than 90 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2010, was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.