Bilt Rewards Now Reports Rent Payments to Big 3 Credit Bureaus
Bilt Rewards today announced the public launch of its free rent reporting service, available immediately to residents living within Bilt Alliance buildings. Renters within more than 2 million apartment units at AvalonBay Communities, Inc., Camden Property Trust, Cushman + Wakefield, Equity Residential, GID Windsor-Communities, Morgan Properties, Related Companies, Veritas Investments and other multifamily properties within the Bilt Alliance network will be the first to receive access to free rent reporting with each on-time rent payment, enabling consumers to build their credit score.
Until now, rent reporting has not been widely available free of charge to both residents and property managers, and while rent is often the largest recurring household expense for renters, rent payment history has not traditionally been reported to the major credit bureaus. With newer credit scoring models now factoring rent, renters will be able to benefit from making regular on-time payments.
While the U.S. counts over 109 million renters across nearly 45 million rental units today, it’s estimated that less than 10% of those renters currently see their on-time rental history reflected in their credit scores. This can be a disadvantage particularly for Gen-Z and Millennial renters, many of whom have short credit histories. A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score. That can make a big difference in access to loans, mortgage rates, and overall quality of life.
Bilt will begin reporting on-time rent payments to Equifax, Experian and TransUnion free of charge for both residents and multifamily owners and operators, giving renters an opportunity to build their credit score at no cost and earn valuable rewards on each rent payment. To enroll in free credit reporting, Bilt Rewards members living in Bilt Alliance properties can opt-in through the Bilt mobile app starting today. Upon paying rent through the app, on-time payments will earn rewards and be reported directly to all three major credit bureaus. To maximize your earning, you can pay rent with the new Bilt Mastercard from Wells Fargo.
For more information on Bilt Rewards and the Bilt Alliance, visit BiltRewards.com.