Jetty to Add Credit-Building Service to Financial Services for Renters

Jetty to Add Credit-Building Service for Renters

Rental financial services company Jetty is going to launch a new service that will help renters build their credit history by reporting their rent payments to all three credit bureaus.

This new service called Jetty Credit will be offered to select renters as part of Fannie Mae’s Equitable Housing Finance Plan, with Fannie Mae fully subsidizing the service for a subset of renters, according to a Tuesday (Sept. 27) press release.

Beyond the Fannie Mae program, Jetty will offer Jetty Credit to its partners and others in the property ecosystem, the release stated.

“The majority of renters are getting zero lift in their credit score for paying their biggest monthly expense, and Jetty Credit has been designed to fix that,” Jetty Co-Founder and CEO Mike Rudoy said in the release.

This new credit-building service joins Jetty’s financial services platform that also includes a security deposit alternative called Jetty Deposit, a flexible rent payment program called Jetty Rent and a renters insurance offering called Jetty Protect, according to the release.

“Jetty Credit fits perfectly into our broader suite of financial tools designed to help renters, and we couldn’t be more proud to launch it with Fannie Mae, a company who shares in our mission,” Rudoy said in the release.

The announcement of Jetty Credit comes about four months after Jetty received new funding from PayPal Ventures and Experian Ventures and said it would use the capital to launch this new service.

Read more: PayPal Ventures Invests in Rental FinTech Jetty for Product Expansion

“Beyond additional capital, this investment gives us access to a new toolset to improve our current products and bring new solutions to market,” Rudoy said at the time. “Demand for renter-focused financial services has never been greater, and we remain focused on alleviating the financial pain being felt by renters across the country.”