The City of Rochester is launching a new program aimed to help renters with their credit. Mayor Malik Evans announced the initiative Monday, which is a positive-only reporting method to help renters establish or improve their credit scores.
This week, Credit Builders Alliance (CBA) was in Rochester as Mayor Malik Evans launched a new program to help renters establish or improve their credit scores through positive-only rent reporting.
Through this partnership with CBA, local landlords, and property owners can report on-time rent payments to credit bureaus, allowing renters to build credit without penalties for missed or late payments.
“Positive rent reporting is the regular monthly reporting of residents’ on-time rental payments to at least one of the major consumer credit bureaus for inclusion on consumer credit reports. Less than five percent of renters have their payments reported to the credit bureaus.”– Rachel Levy-Culler, Housing Innovations Senior Specialist, Credit Builders Alliance (CBA)