NEW YORK, Nov. 24, 2021 (GLOBE NEWSWIRE) — Esusu, the pioneering fintech company, today announced an expansion to their partnership with Related Affordable, one of the largest private developers, financiers and preservationists of affordable and workforce housing in the country, to implement rent reporting for credit building to benefit all Related Affordable residents. This partnership empowers residents in over 50,000 units to have their on-time rent payments reported to the three major credit bureaus to build their credit at no cost to them.
Related Affordable has been working closely with Esusu for over a year, and the collaboration continues to yield significant results. Esusu’s financial resiliency platform has enabled 71% of enrolled Related Affordable residents to boost their credit scores by 32 points (on average). For Related Affordable residents without a credit score, Esusu has already helped 2,300 enrolled renters establish credit scores and financial identities. To further scale their rent-reporting efforts, Related Affordable is leveraging Freddie Mac’s recently announced rent reporting initiative for multifamily borrowers, which includes a preferred cost structure for implementing Esusu’s technology.
“Over the past year, we have seen what Esusu’s rent reporting platform can do for Related Affordable residents to help improve their financial health,” said Jeffrey I. Brodsky, Vice Chairman of Related Companies. “We are thrilled to further our partnership with this forward-thinking company to better serve all Related Affordable residents.”
“We are deeply proud to partner with Related Affordable, an innovative leader transforming the housing landscape in the United States, to create more opportunities for renters,” said Esusu Co-Founders, Wemimo Abbey, and Samir Goel. “With less than 10% of renters in the United States seeing their rent captured in their credit scores, our partnership is critical to scaling rent reporting to millions of people nationwide and dismantling systemic barriers to credit and housing.”
Esusu continues to deploy win-win solutions for landlords and renters nationwide providing a system that uses rental data to empower renters and improve property performance nationwide. Esusu’s technology ensures that only on-time payments are captured to build credit scores and create greater access to capital and financial aid, and stability for residents.
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 two million rental units across all 50 states in the United States. Learn more at www.esusurent.com and follow us on Facebook @myesusu and on Twitter @getesusu.
About Related Companies:
Related Companies is a global real estate and lifestyle company defined by innovation and the most prominent privately-owned real estate firm in the United States. Formed over 45 years ago, Related is the largest private owner of affordable housing and a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing, and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Washington, D.C., Abu Dhabi and London, and boasts a team of approximately 4,000 professionals. With over $60 billion in assets owned or under development including the 28-acre Hudson Yards neighborhood on Manhattan’s West Side, Rosemary Square in West Palm Beach, The Grand and Related Santa Clara in California and The 78 in Chicago. Related was recently named to Fast Company Magazine’s list of the 50 Most Innovative Companies in the World. For more information about Related, please visit www.related.com.