RentSpree, a Los Angeles-based rental management software provider, has introduced Credit Builder, a rent reporting feature designed to enhance renters’ financial health and facilitate their journey toward homeownership.
In offering Credit Builder, RentSpree noted that while renter often spend between 30% and 40% of their income on housing costs, rent payments traditionally have not contributed to their credit history. And unlike homeowners, renters do not build credit with each timely rent payment.
Through its Credit Builder feature, RentSpree facilitates secure online rent payments that can automatically be reported to TransUnion.
“No pun intended, but let’s give credit where credit is due,” said Michael Lucarelli, CEO and co-founder of RentSpree. “Building a credit history through rent payments can significantly impact loan approvals, especially for those with limited credit history. RentSpree aims to facilitate this process and empower renters to achieve their financial goals, whether it’s securing a loan, purchasing a vehicle, or buying their dream home.”
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