For the time being Esusu only provides services to customers who live in the United States and its territories.
Most people have the misconception that data needs to be reported to all 3 bureaus. In reality, when most lenders pull your credit reports they combine all the data from the 3 sources into one report. When they see duplicate information, they simply delete the duplicates. So long as one Bureau captures your rent payment history, this information should be considered by lenders.
Esusu can report up to 2 years, or 24 months, of past rental payment history as long as you were on the same lease that you are currently on. That is counting from today's date.
It typically takes between 2 to 4 weeks before a tenant’s reported rent payments will appear on their credit report.
We typically do not need a tenant’s Social Security Number during registration. In most cases we are able to match their credit file with their Name, Address and Date of Birth. In some cases we may need to confirm the last four digits of a tenant’s Social Security Number.
It is impossible to promise or predict a certain score increase because every person has a unique credit risk profile, and multiple factors impact a person’s score. That said, below are some generalizations to keep in mind:
- People who verify 2 years of rental history and who already have established credit could potentially see an increase of 25-50 points if their rental history does not contain any late payments.
- People who do not have a credit score at all could potentially jump up to the mid-600s by adding 2 years of rental payments to their credit file.
If a tenant is more than 30 days late then Esusu is required to report that information as well, and it could hurt their credit score.
Esusu will not accept CPNs because this is commonly used by identity thieves. Esusu Rent’s number one priority is preventing fraud and having a highly secure platform.
Rent will be counted as an open trade line on a tenant’s credit report. The name of the account will likely be “Esusu/Housing Provider".
Esusu works directly with landlords or property managers each month to collect and validate payment data for rental reporting purposes.
No. This is a common misunderstanding. In the past, only late rent payments, usually from eviction or a lease skip-out, have been reported on credit reports sporadically. Today less than 1% of credit profiles include any rental data.
It’s totally fine if tenants split rent! Reporting can be undertaken for all parties concerned.
A renter cannot self-report his or her rent payment history. A neutral, third party verification service is required to submit rent payments to the credit bureaus.
Unfortunately, Esusu cannot report commercial rental properties or mixed-use space.
Esusu will work with the tenant’s landlord to resolve the matter within the timeframe mandated by the Fair Credit Reporting Act. As part of this process Esusu will utilize e-OSCAR, a browser-based, Metro 2 compliant system that has been developed by Equifax, Experian, Innovis and TransUnion.