Thousands of renters are improving their credit scores thanks to a partnership between multifamily owner and operator BH and Esusu, a financial technology company focused on rent reporting and data solutions for credit building. During the first six months of their rent reporting pilot, over 9,800 residents who participated saw an improvement in their credit scores, which averaged 677 points.
The partnership was launched in December as a pilot program to help residents of BH-managed properties build a better financial future through free rent reporting services, given that on-time rent payments are a key indicator of financial stability. BH chose to provide the rent reporting at no cost to residents as a differentiated amenity to offer residents.
The program started at Towne Oaks South in Shreveport, Louisiana, with Esusu reporting on-time rental payments to the three major credit bureaus on behalf of BH residents. The platform automatically reports 12 months of rental payment data, which allowed residents to establish or see immediate improvements to their credit scores.
With the pilot’s initial success in Shreveport, BH expanded it to an additional 44 properties, with over 13,000 units, by May, providing access to over 14,700 residents. Data reported through May found that 67% of enrolled residents have experienced improvement in their credit scores and 498 residents established credit scores for the first time.
“At BH, we embrace evolution and look for partners that offer opportunities to better the lives of our residents,” said Christi Weinstein, senior vice president of strategic support solutions at BH. “We are in the business of putting people first, and, through this partnership, we have been able to help our residents secure a healthier financial future. The Esusu positive rent reporting program has allowed residents to see immediate improvements in their credit scores, helping place many on the path toward financial freedom.”
Abbey Wemimo and Samir Goel, co-founders and co-CEOs of Esusu, added that the partners are committed to providing a better future for residents.
“This partnership is designed to help residents build healthier financial futures through rent reporting,” they said. “BH’s data-centered approach to decision-making made them a natural partner in our mission to create equitable financial access for everyone.”