Reward responsible renters and discourage late payments with TenantRentRoll. Rental payment history helps establish and build the credit history of your residents.
Set yourself apart from the competition and convert more and better leads into actual residents by promoting rent payment reporting as a renter benefit.
Appeal to conscientious residents who care about their financial reputation and want to increase their credit score.
Attract and retain better renters
Increase on-time payments
Reduce delinquencies and skips
By reporting monthly rent roll, residents can build their credit history and see the potential impact to their credit score. As for property managers, the on-time payment incentive for residents has shown to help improve cash flow through reduced delinquencies.
TenantRentRoll accepts and discloses both positive and negative data, lates, past dues, skips and collections. This motivates residents to pay on time and lets you see delinquencies in real time as you screen applicants — not just as collections or public records.Get Started
Reporting rent payments with TenantRentRoll can help your rental property stand out from the competition because it's a way for residents to establish and build their credit histories, which they may not be able to accomplish at other properties.
According to a TransUnion study, if choosing between two identical apartments, 67% of renters said they'd choose the apartment with payment reporting in place. The study also found that 7 in 10 renters are more likely to make on-time rent payments if management companies reported payments to a credit bureau.
Reporting monthly rent payments to TransUnion directly affects your residents' credit scores while encouraging on-time payments, thus having the potential to decrease delinquency. Our data shows that 26% of residents whose payments were reported decreased late payments by 26-50%.
At the same time, on-time renters strengthen their credit profiles and gain greater access to financial products, such as credit cards and auto loans. According to our analysis, 60% of renters may see their credit scores increase the first month of reporting.
With TenantRentRoll, property managers can:
TransUnion research shows that when rent payments were included in the credit file, consumers experienced an average increase of nearly 60 points to their credit score. Consumers with the least access to favorable terms for financial goods and services, as well as the credit invisible and subprime cohorts, stand to gain the most with the largest credit score growth. “Rent is one of the largest payments that millions of Americans make each month and this valuable payment history can serve as a prime support to improve a consumer's financial standing,” said Maitri Johnson, Vice President of TransUnion's Tenant and Employment Screening Business. “Consumers that make these on-time rent payments can build their credit history, gain more access to credit and participate more fully in the financial ecosystem.”
7 in 10 renters are more likely to make on-time rent payments if management companies reported payments to a credit bureau
26% of residents whose payments were reported decreased their late payment rate by 26-50%
67% of renters would choose the apartment with payment reporting in place, in case there are 2 identical options
Nearly 82% of management companies would report rent payments if they could help incent residents' behavior to have them pay on a timely basis.
Approximately 82% of respondents would report rent payments if it could lower the risk of evictions or renters who skip on payments
More than 84% of respondents said they would report resident's rent payments to a credit bureau if it would attract more renters who pay on time.