COSTA MESA, CA - Experian, the leading global information services company, today announced that its RentBureau business is making additional options available to renters through its collaboration with electronic payment processor WilliamPaid. WilliamPaid enables renters throughout the country to pay rent electronically and now gives them the opportunity for their rental payments to be reported to Experian RentBureau. RentBureau will include on-time rental payments on the Experian credit report, which may help consumers to build their credit history. Additionally, if the renter pays directly from his or her bank account, there is no charge to the renter or the landlord for electronic rent payment processing. Regardless of payment type, there is no fee to the renter or the landlord for the reporting of payments to Experian RentBureau.
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. WilliamPaid joins Experian RentBureau’s expanding suite of rental payment processors, providing more opportunities and options for renters to have their on-time rental payments incorporated into their Experian credit reports. Landlords interested in receiving electronic rent payments, despite the type of property they own, can take advantage of this new collaboration and extend the benefits to their residents. Residents who meet the eligibility requirements may choose to have their rental payment data reported to Experian RentBureau.
“Experian was the first and still remains the only major credit reporting agency to include rental payments on credit reports,” said Steven Wagner, president, Experian Consumer Information Services. “We feel it is essential to empower consumers to take more control when it comes to building their credit history, and this collaboration with WilliamPaid is another way we’re making it more accessible than ever. With 35 percent of the U.S. population renting, a rent payment should mean much more than just a positive mark in the landlord’s ledger.”
For renters, not only can this make a difference for those who are looking to build credit history, but it also may potentially help thin-file or underbanked consumers, who may now become scoreable by certain traditional credit scoring methods and may potentially, gain access to credit.
For landlords, it encourages on-time payments, less manual processing of rent checks and the ability to further differentiate their properties by offering their residents this benefit.
“We are thrilled to be working with Experian RentBureau on this endeavor and see incredible value in providing consumers with this opportunity to make their rental payments matter,” said Jeffrey Golding, president of WilliamPaid. “During these difficult economic times, it is important to take steps to build your credit standing, and our service allows renters to be rewarded for doing something they already do every month — pay rent. We’re proud to provide our customers with this opportunity, free of charge, to help them reach these types of financial goals.”