The company’s rent reporting platform ingests rental payment information and provides that data to the major credit bureaus to “boost credit scores, empower residents and improve property performance for landlords,” according to the post.
“…for renters, rent is the single largest monthly expense, often encompassing 30 percent to 50 percent of a household’s income. Historically, rent did not count toward credit building. At Esusu, we challenged that premise and built a platform to make rent payments count toward credit to help working families build financial resilience,” Wemimo and Goel said in the post.
Esusu said in the announcement that it is the biggest rent reporting provider in the United States, working with 30 percent of the most sizable landlords on the National Multi-Housing Council list.
“We look forward to continuing our mission, advocating for financial access, and investing in deeper strategic partnerships and relationships with our customers,” Wemimo and Goel said in the post.
Esusu is bringing personnel onboard throughout multiple departments, such as sales, account management, human resources, marketing, operations, product, data science and engineering, according to the announcement.
As PYMNTS previously reported, consumers today believe that a solid credit score and established credit history are key to obtaining credit cards and loans. PYMNTS’ research determined that nearly two-thirds of consumers have a desire to better their credit scores, but don’t know how to go about doing so. This even includes people with above-average credit scores. In one case, people that have above-average credit scores are not sure if having one line of credit or different lines of credit is more advantageous for their scores, and are not sure how spending near their credit card limit impacts their scores.