Unlocking Economic Mobility: The Power of Positive Rent Reporting
For Progress Residential® residents, rent payments are far more than just a monthly expense – they are a steppingstone towards a brighter financial future.
As a leading provider of property management services for single-family rental homes in the United States, Progress is committed to providing residents with financial empowerment tools and opportunities to reach their financial goals. That’s why we unveiled a positive rent reporting program, turning timely rent payments into a powerful credit-building asset.
In this blog post, we’ll cover what positive rent reporting is, how it’s creating upward economic mobility for thousands of residents and the “why” behind it all.
What is Positive Rent Reporting?
Positive rent reporting is a simple, but highly impactful concept.
When you pay your rent on time, it is reported to the three major credit bureaus, Equifax®, Experian® and TransUnion®, documenting that your payments are made on time and in full. This creates a positive, reliable payment history, which in turn helps build credit scores and opens a world of financial possibilities for residents.
Progress is proud to be at the forefront of this movement, offering free positive rent reporting to all residents.
How Rent Reporting Positively Impacts Residents
For individuals who do not have a documented credit history, positive rent reporting is a gateway to establishing a credit score for the first time. Over 8,100 Progress Residential® residents have gained credit scores for the first time ever, transitioning from being “credit invisible” to “credit active”. This pivotal shift can provide greater access to important services such as credit cards and loans.
Residents with existing credit have seen an impressive average credit score increase of 45 points through the program, paving the way for a more secure financial future.
Improvements like these open doors to significant financial benefits including lower interest rates and the potential to move from subprime to prime credit. To illustrate the impact of how these improvements translate into tangible financial benefits:
- Lower interest rates could mean a 5-10% decrease in borrowing costs
- Moving from subprime to prime credit translates to larger borrowing power and even lower interest rates
The Broader Economic Impact of Rent Reporting
When individuals thrive, communities flourish. That’s why the economic impact of positive rent reporting extends far beyond individual stories. With improved credit, thousands of people now have more financial mobility which translates to stronger local businesses, increased investments and more prosperous communities overall.
Why Progress Offers Rent Reporting
Positive rent reporting is a transformative force driving economic empowerment. Providing this valuable service invests in the future of local communities while fostering financial independence and upward mobility. The stories of residents who have seen their credit scores rise, interest rates fall, and borrowing power increase attest to the tangible benefits of our program.
Progress Residential® envisions a future where everyone can reach their full potential financially. Through rent reporting, we are one step closer to creating that reality.
If you’re interested in building your credit while renting, Progress may be a good fit for you. Search our homes here.
