Fannie Mae recently announced a new partnership with Esusu, Jetty, and Rent Dynamics to allow renters to report their payment history to credit bureaus. This could be a game-changer for renters who are looking to build credit and eventually buy a home.
Through this new program, rent payments will be reported to credit bureaus, which can help renters improve their credit scores if they are made on time. The program is available for renters who live in multifamily properties that are financed through Fannie Mae.
To see if you are eligible for the program, reach out to one of the three partners that Fannie Mae selected: Esusu, Jetty, and Rent Dynamics. These companies offer a variety of services, including additional rent payment loans at 0% interest.
In addition to improving credit scores, there are a number of other benefits to this program. For example, it can help renters qualify for lower interest rates on mortgages and other loans. Additionally, it can help renters lower future rent security deposits.
If you are considering buying a home, it is important to compare mortgage lenders to get the best interest rate. Credible allows you to compare lenders at once, so you can find the one that best fits your needs.
Benefits of the Positive Payment Reporting program:
- Improve credit scores: Rent payments can be a significant part of your monthly expenses, so having them reported to credit bureaus can help you build a strong credit history.
- Qualify for lower interest rates: A higher credit score can mean lower interest rates on mortgages, car loans, and other types of credit.
- Lower rent security deposits: Some landlords use credit scores to determine rent security deposits. A higher credit score can help you lower your deposit.
Overall, this program is a great opportunity for renters who are looking to improve their financial standing. If you are eligible, I encourage you to take advantage of it.