If you’re reading this, your building uses Esusu to report your rent payments to the credit bureaus.
You might have questions about what Esusu does and whether it’s a service you want to use. We understand.
In our monthly residents’ newsletter, we asked what questions you had about Esusu, credit health, and renting. We’re back to answer your questions so you can get information on the issues that matter most.
Q: Who gets their rent reported? Anyone living in the unit? Anyone paying rent? Anyone on the lease?
Anyone who has signed the lease and lives in the unit will get credit for on-time payments.
Individuals on the lease can opt out of rent reporting at any time. So if you have a roommate that would rather not use Esusu, that will not affect your credit reporting.
If you live in the unit and are not on the lease, even if you do pay rent, you won’t be eligible for rent reporting, so make sure your lease is up-to-date.
Q: Do I get credit for the last two years of on-time payments?
Yes, but only if you have lived in the building previously. Esusu will work with your building to collect up to 24 months of your on-time payment history from your property, which we’ll submit to the credit bureaus when your property starts working with us; there’s no further action needed on your part besides continuing your rent payments. We only report positive payments to the bureaus. If, for example, you missed a payment six months before Esusu started reporting your credit, we’ll skip over the reporting on that month and only report the on-time payments.
Q: What is the average credit score increase a renter can expect to see?
Everyone’s financial journey is different; many other factors can impact your score. For example, while rent reporting can boost your credit score, a missed credit card payment will significantly decrease your score. Your missed payment may cancel out the positive impact of rent reporting.
You’re very likely to see a decrease in your score when you first start reporting; this is normal and happens whenever you open a new account, whether it’s a credit card, car loan, or rental report. Most Esusu renters see an increase in their starting credit score within three to six months of rent reporting. On average, renters see a score increase of 45 points by the end of their time reporting with us.
Q: I already use another service to check my credit score. Why should I use Esusu?
Many people use third-party services to monitor their credit scores and get alerted to suspicious activity, like identity theft. Keeping track of your credit is essential to financial health, but these services can’t actively improve your credit.
That’s where Esusu comes in. We report your on-time rent payments to the credit bureaus (TransUnion, Equifax, and Experian), helping boost your credit score as more positive payments are shown on your credit report. We actively work to help you improve your credit health and open access to more financial products.
Stay tuned: Esusu will be launching a credit monitoring tool soon!
Want to learn more about rent reporting with Esusu?
Check out our blogs, where we talk about financial literacy and give credit tips for renters.