Fannie Mae and Esusu team up to create equitable financial opportunities for millions through rent reporting. Read on!
The Promise Homes Company, one of the largest minority-led, institutional-quality owners of single-family residential rental property in the U.S. announced a partnership with Esusu that will benefit residents by reporting on-time rental payments to the credit bureaus to help them increase their credit scores.
“Esusu shares Promise Homes’ mission to deliver economic empowerment to those that need it most, and we are thrilled to partner with Esusu and its two founders, who themselves know the challenges of maintaining a quality roof over their head. Together, we will provide our residents with a free and easy way to report their on-time rent payments to the credit bureaus and increase their credit scores,” said John Hope Bryant, Chief Executive Officer of Promise Homes.
Through Esusu, Promise Homes residents can now report their rental payment data into Equifax, Experian, and TransUnion, which enables them to establish and build their credit profiles with on-time rent payments. Residents will also have free access to their credit score through the Esusu Rent Mobile App.
Residents may use this credit score to qualify for Promise Homes’ Resident Engagement incentive programs, including 25 for 25 (whereby residents receive a $25 gift card for every 25-point increase in their credit score) and the 700 Credit Score Club (whereby residents receive a 10% discount on rent when they achieve and maintain a credit score of 700 or above).
“Esusu works to dismantle barriers to housing for working families,” said Wemimo Abbey and Samir Goel, Co-Founders of Esusu. “We are proud to partner with John Hope Bryant and The Promise Homes Company, who have long been at the forefront of advocating for financial health and credit building to close the racial wealth gap. For most Americans, rent is the largest household expense every month. This partnership gives the Promise Homes Company renters visibility into their credit score and an opportunity to significantly boost their credit, which will lead to greater, long-term financial access and stability.”
Average Credit Score has increased by 21 points to 623
Minimum Credit Score has increased by 127 points to 427
Maximum Credit Score has increased by 13 points to 819
87% of Promise Homes residents have improved their credit score
Launched in May 2017, the Promise Homes Company is one of the largest minority-controlled owners of institutional-quality, single-family residential rental property in the United States, with a focus on working-class and middle-class communities. Promise Homes offers its residents quality housing at affordable prices as well as financial empowerment and assistance that would position them financially to eventually own a home. Promise Homes also contracts with local, minority-owned businesses for property maintenance services, thereby creating local, sustainable jobs in the communities where it invests. Promise Homes is led by Chief Executive Officer John Hope Bryant, an entrepreneur, author, philanthropist, and prominent thought leader on financial inclusion, economic empowerment, and financial dignity. For more information, please visit http://www.thepromisehomescompany.com.