Written by: Koray Can Oztekin
According to Equifax, more than 7 million Canadians may have 2 or less credit accounts on their credit file, meaning they are considered to have limited credit history or are classified as a “thin” credit file. Therefore renter payment history reporting presents a great opportunity for both operators and renters(particularly for students, young professionals and newcomers) to kickstart an individual’s financial profile and help them secure other credit opportunities while improving timely payments. According to the studies conducted by Equifax:
70% of the GenZ and Millenial renters state that rent reporting would be a key differentiator when choosing their rental home. 73% of renters are more likely to pay rent on time if property managers reported rent payments.
Equifax
Residents are rewarded with improved credit simply by paying their rent
During this high interest environment, rent payment reporting provides residents the opportunity to build credit and reduce cost of financing.
-
Support ESG: Help your residents build credit history and improve their
financial health
-
Improve resident experience: Help your residents get rewarded for their
positive financial behavior
- Drive timely payments: Take advantage of rent reporting to dramatically drop delinquencies
Zenbase Credit Builder is rental reporting built for the enterprise
Zenbase is SOC 2 Type 2 certified and integrated with all the major property management systems so there is no heavy lifting needed by operational or technical teams.
It’s hassle free to start reporting rent payments
It’s in the best interest of all residents to have their payments reported since unpaid balances owed can be reported without needing the consent from the resident. By partnering with Zenbase, you can incorporate rent reporting into your new lease workflow and also onboard existing residents.
If you have any questions around rent reporting how it works with your existing systems please let us know.
