HARLEM, N.Y., June 29, 2022 (GLOBE NEWSWIRE) — Esusu, the leading financial technology company advancing rent reporting and data solutions for credit building, and BH, a leading vertically integrated multifamily property owner and operator, announced today new data showing that 9,800+ residents that participated in their pilot rent reporting program saw an improvement in their credit scores in the first 6 months (December 2021 through May 2022), with credit score averages improving to 677 points.
Esusu and BH launched their partnership in December 2021 to help residents of BH-managed properties continue building a better financial future. Given that on-time rent payments are a key indicator of financial stability, BH partnered with Esusu to provide free rent reporting services to its residents.
The collaboration, which launched as a pilot program at Towne Oaks South in Shreveport, L.A., enabled Esusu to report on-time rental payments to the three major credit bureaus (Equifax, Experian, and TransUnion) on behalf of BH residents. BH chose to provide Esusu rent reporting at no cost to its residents as a differentiated amenity. The platform automatically reports on 12 months of rental payment data, allowing residents to immediately establish or see improvements to their credit scores.
As a result of the pilot program’s success, BH quickly expanded the partnership to include an additional 44 properties by May 2022, which include 13,000+ units and gives more than 14,700 residents access to credit-building benefits. Data reported through May 2022 shows Esusu and BH saw 67% of enrolled residents have experienced an improvement in credit scores, and 498 residents established credit scores for the first time. Additionally, many BH residents gained access to rent relief funds, a 0% interest rent stability program for those who need financial support, which allowed such residents to stay in their homes.
“Esusu and BH are both committed to providing a better future for all residents,” said Wemimo Abbey and Samir Goel, Co-Founders and Co-CEOs of Esusu. “This partnership is designed to help residents build healthier financial futures through rent reporting. BH’s established commitment to helping families stay in their homes and their data-centered approach to decision-making made them a natural partner in our mission to create equitable financial access for everyone.”
“At BH we embrace evolution, and look for partners that offer opportunities to better the lives of our residents,” said Christi Weinstein, VP of Strategic Support Solutions at BH. “We are in the business of putting people first, and through this partnership, we have been able to help our residents secure a healthier financial future. The Esusu positive rent reporting program has allowed residents to see immediate improvements in their credit scores, helping place many on the path toward financial freedom. In Esusu, we found a partner that helps improve our residents’ financial wellness and helps us continue to do the right thing for our residents.”
Esusu remains committed to providing property owners, managers, and investors with a turnkey solution to capture and report residents’ rental data to credit bureaus while maximizing net operating income and ESG reporting. For more information on the partnership, please visit https://esusurent.com/case-studies/bh/.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu’s rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 2.5 million rental units across all 50 states in the United States. Learn more at www.esusu.com and follow us on Facebook @myesusu and on Twitter @getesusu.
BH is a people-first multifamily owner and operator that grew from a small startup into one of the nation’s largest commercial real estate companies. Founded in 1993, BH is celebrated for its simple commitment to doing business the right way and investing in its team. Today, BH manages over 100,000 units, employs 2,600 people, owns its processes in-house, and is praised by Fortune Magazine as a “Best Workplace for Women,” “Best Workplace for Millennials,” and “Best Workplaces for Diversity.” Powered by innovation and a can-do attitude, BH improves daily, striving to construct a smarter way to live, invest, manage, and grow. For more information, visit livebh.com