COSTA MESA, CA - Experian®, the leading global information services company, today announced its capability to accept rental payment data from individual landlords and smaller property managers through its new collaboration with ClearNow®. ClearNow offers a low-cost and easy solution for collecting and making rental payments electronically and automatically. Experian, through its RentBureau® business, currently receives rental payment data from more than 3,000 apartment communities, most of which are managed by large property management companies.
Through this collaboration, all landlords and property managers regardless of the number of units owned or managed have an opportunity to establish a more steady cash flow with electronic payments, reduce the administrative burden of collecting rent as well as gain a competitive advantage by providing residents an opportunity to build credit history through their rental payments.
ClearNow allows landlords and property managers to electronically collect rent from tenants via an automatic bank account debit. This relationship will allow renters to enjoy the convenience of automating their rent payment, which can help avoid late payments, and opt-in to reporting their rent payment history to Experian RentBureau. Experian currently includes rental payments on its credit reports which help many responsible renters build credit history.
RentBureau is the largest and most widely used credit reporting agency for the multifamily industry. RentBureau’s database receives rental payment histories every 24 hours from property management companies and currently includes more than 9 million residents nationwide. Data contributors report their rental data to RentBureau directly and automatically. Property management companies utilize this data to screen new rental applicants’ payment history as part of their existing resident screening services.
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group 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 31 March 2012 was US$4.5 billion. Experian employs approximately 17,000 people in 44 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
Source: Experian RentBureau / #Renters #Payments