RentSpree Launches Rent Reporting Feature to Empower Renters on the Path to Homeownership
The Californer/10256236

~ RentSpree, the industry's premier end-to-end rental management software provider, has launched Credit Builder, a rent reporting feature designed to enhance renters' financial health and facilitate their journey toward homeownership.

The Credit Builder feature allows for secure online rent payments that can be reported to TransUnion. This is significant as rent payments are usually one of the largest monthly expenses for renters, accounting for between 30 percent and 40 percent of their income, yet traditionally have not contributed to their credit history.

Michael Lucarelli, CEO and Co-Founder of RentSpree, said: "No pun intended, but let's give credit where credit is due. Building a credit history through rent payments can significantly impact loan approvals, especially for those with limited credit history. RentSpree aims to facilitate this process and empower renters to achieve their financial goals."

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Fannie Mae and Freddie Mac have recently begun to consider rent payments as part of borrowers' credit histories. However, consumers are unable to directly report on-time rent payments. This is where RentSpree's Credit Builder feature comes in. Lucarelli said: "Credit Builder is a powerful tool that can truly help renters and landlords alike...It's a win-win." He added that all those in the business of helping renters – such as landlords who provide the space or agents who work with them – can play an important part in helping them transform rent payment obligations into stepping stones toward a better credit score and a more financially sound life.

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