This week, Experian announced its collaboration with payment processor WilliamPaid, which provides renters in any type of property another option for having their rental payment data reported to Experian RentBureau.
WilliamPaid joins Experian’s growing list of rental payment processors, providing more opportunities and options for renters to have their on-time rental payments incorporated into their Experian credit reports. This is not only another step forward for people who are looking to build credit history, but it’s also an opportunity to build credit history for people who are referred to as “underbanked,” or “unscoreable”.
There are an estimated 64 million people who fall into this category in the U.S. and by providing them with the tools to build credit history in this unique way; many may now become scoreable. This can potentially help them qualify for loans and other credit services when they really need them.
Current estimates show that 35 percent of the population rents and whether they live in a big apartment community or rent a little bungalow-style house on a cul-de-sac, these people have the opportunity to build credit history through their on-time rental payments. With this new collaboration with WilliamPaid, it is simple and won’t cost a dime if you plan to pay your rent directly from your checking account. They’ll even send you a reminder letting you know when your rent is due.
It’s really easy to sign up and WilliamPaid will contact your landlord to get the process underway for you (of course, you can talk to your landlord about it as well). Opting in to have your payments reported to Experian RentBureau is very easy and is free to both parties.
The benefits for landlords and renters alike are equally positive. Landlords will have less manual processing of checks, and can increase their chances of getting paid on time and the renter can build credit history by making a payment they would normally make each month.
By making their rent payments on-time, renters can make their payments mean more than just a bill they pay each month. This expense is probably the largest payment most people make each month, and why not make it matter?