Low-Income Tenants Can Get “Credit” for Paying Their Rent

How can we begin to eliminate the racial wealth gap in America? One way is to help consumers build their credit profile, especially for those who have poor credit scores or no credit scores at all. Opening doors to credit building opportunities can make a difference. Rent reporting—the reporting of tenants’ rental payments to the credit bureaus—is a proven credit building strategy that spurs economic mobility for low-income renters. Fueled by years of positive rent reporting results, Credit Builders Alliance (CBA) is creating a Rent Reporting Technical Assistance Center (RRTAC) with underwriting support from Experian. This Center aims to reduce barriers for affordable housing providers to adopt this impactful strategy and foster the industry collaboration needed to scale it.