What is myEsusu?
myEsusu is a credit building membership that goes beyond rent reporting. We make your journey in this country’s complicated financial and credit system easier by giving you both tools and knowledge to navigate it. We’re not just a quick fix. We’re focused on financial wellness for the long term. That means giving you all the tools you need to grow your finances, all in one app. We’re starting with the basics, and will continue to roll out additions and improvements over time to help you with your credit journey.
Rent Reporting
Work towards homeownership and other milestone purchases by building your credit history.
Marketplace
Stop overspending on everyday or milestone purchases with our exclusive Marketplace.
Financial Knowledge
Understand your finances better through our free partners and resources.
Credit Score Hub
Stay in the know about your financial health with credit score tracking and other credit resources.
How to get started
Step 1
Download the app and create an account.
Step 2
Verify your identity and provide your lease information. As long as you pay rent and your name is on the lease, you’re good to go!
Step 3
Connect your bank account and select your rent transactions for up to 24 months on your current lease.
🎉 Now you’re ready to start your credit journey! 🎉
Why build your credit with myEsusu?
In the US alone, there are 8 Million people who are completely credit invisible, and another 47 million are “underserved”- or in other words, they may have some credit history but not enough for the Credit Bureaus to give a score to. Cumulatively, this is around 17% of the American population and disproportionately impacts minorities. And yet, many people are left asking, “Why does credit matter”? What is the real impact?” There is an overall cultural misunderstanding about how credit impacts the day-to-day lives of people, not just potential homebuyers.
“I found out that if you don’t have credit, that’s almost worse than having bad credit.”
When a COVID outbreak shut down her workplace, Jamease found herself sinking. Jamease had never established a credit score, so when she needed a car to continue a new job search and get to a new job, she found that she was rejected again and again at dealerships. They wanted to ensure that she would be able to pay off her car loan. Despite making monthly rental payments, this history of good finances was not evident to the credit bureaus since rent is not usually reported to them. Because of this, Jamease couldn’t even get loan offers.
This is a common story in the US. Loan applicants with no credit are very unlikely to be approved for loans of any kind – not just for housing, but also for any other loans such as cars or appliances. Furthermore, credit score is considered one of the main considerations when property owners look to approve applications, with 84% saying payment history is the top priority. Essentially, 17 million Americans are at risk for not being able to access daily necessities like cars, housing, or things like stoves and fridges.
Eventually, Jamease’s property enrolled in the Fannie Mae Positive Rent Payment pilot. This pilot program is part of an overall push to help renters establish credit scores, and show credit history that would normally be overlooked. After only four months of reporting rent with Esusu, Jamease improved her score by 126 points– enough to buy a car.
Esusu has established over 200,000+ new credit scores through our business-to-business program, but with the rebounding impact of the pandemic, we knew it was time to reach out to residents directly. Soaring inflation costs, the housing crisis, and mass layoffs in many industries have forced the average American to become more and more financially conscious- and often with no clear starting place to work towards financial stability.
665
Points
Median credit score for all renters
+45
Points
Average credit score increase
200,000 +
New credit scores established
myEsusu is about your credit story
Without a foundation to build on, the financial landscape of the United States is difficult to navigate. There are historical roadblocks and laws, intended to oppress minorities, whose ripple effects are still impacting us today. That’s why Esusu is here – whatever your situation or background, we’re here to help you build that foundation. We’re not just reporting your rent- we’re giving you access to cost savings and learnings so that you’re fully equipped and supported in your journey to financial stability.
If you’re ready to build your finances and achieve your dreams, consider joining our email list! Don’t worry, we won’t spam you. We send periodic updates on myEsusu, tips from financial experts, credit-related articles, and any sweepstakes or events we’re running. Enter your email address below to let us know you’re interested!
Get started building financial stability with myEsusu
FAQ
What personal information is required to create an account for myEsusu?
In order to report your rent to the credit bureaus, you are required to register with your Name, Social Security Number, Date of Birth and Address. This information is necessary to make sure that your rent payments are being reported to the credit bureaus correctly.
Does myEsusu auto-renew?
Yes, your annual myEsusu subscription for rent reporting automatically renews on the same day of the following year that you purchased the subscription.
Can my roommate sign up for myEsusu rent reporting too?
If your roommate has rent transactions on their bank account, and they are 18 or older, they can also use myEsusu
How do I cancel myEsusu?
You can cancel your myEsusu subscription at any time by contacting our support team by chat or completing a webform request here. Please clarify if you would like to cancel your upcoming renewal or if you would like to stop rent reporting before your subscription has concluded.
What happens if I choose to stop reporting my rent?
- Your future rent payments will no longer be reported to the credit bureaus
- Your rent trade line may close
- Any previously reported rent will remain on your credit history.
Wait, what’s a tradeline again?
From TransUnion- “A tradeline is a term used by credit reporting agencies to describe credit accounts listed on your credit reports. For each credit card, loan and other type of credit account you have, you’ll have a separate tradeline that includes key information about the creditor and the debt.”
Is there a cost associated with cancelling myEsusu? And will I get my money back if I cancel?
There are no cancellation fees, but you will not receive a refund if you cancel before your annual subscription ends.
Is there a way to tell if I already live in an Esusu Community?
When you sign up with myEsusu, we check to see if your property is already partnering with Esusu and offering rent reporting. Just select, “I’m not sure” when you get to the mobile app registration page where it asks if your property is partnered with Esusu. Try to put in
I have a myEsusu subscription and my landlord has informed me that they now partner with Esusu directly and offer rent reporting. Does my subscription get updated?
Please reach out to our support team to let us know that your property manager or landlord now partners with Esusu. Our team will review the request and confirm if you are eligible for rent reporting provided by your property manager or landlord.
I used to live in a building where Esusu rent reporting was paid for by my property manager or landlord and I have since moved. How can I continue rent reporting with Esusu?
If you already have an account with Esusu that you used in the past, just reach out to our support team and we will update it so that you can subscribe!
Do you contact my landlord?
No, Esusu does not contact your landlord as part of the rent reporting process.
