According to a recent article from CDIA lack of rental payment information being reported to consumer reporting agencies, or not scored by lenders, or both is severely effecting renters access to the financial mainstream.
According to the CDIA article Next Mortgage News highlights this point in a recent story from Laurie Goodman. In this story Goodman says, “I think it’s a big omission that the version of credit scores that are used for mortgage origination includes no rental payment history.” The story points out the new versions of credit score models do try to incorporate rent payment history when it is available. But it is missing most of the time, as landlords don’t have to report this data and the credit bureaus don’t have access to a consumer’s bank account data, which would include rent payments.
Is your tenant rental company trying to fill this gap? M2 Reporter can help you with your Rental Reporting needs with our M2R or M2 Rental 1 programs. Have questions? Contact us today.
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