The Community Preservation Corporation (CPC), a nonprofit multifamily finance company, has partnered with Esusu, a financial technology company leveraging rent reporting for credit-building, to provide the company’s innovative rent reporting, analytics and rent relief services to CPC borrowers and their tenants. CPC currently services more than $3.5 billion in multifamily mortgages, and over the last decade has financed enough housing to support roughly 285,000 renters.
CPC and Esusu are committed to reducing the racial wealth gap by breaking down barriers to financial stability and generational wealth creation, the companies said. By reporting on-time rent payments — often a person’s largest monthly expense — renters with poor credit scores or no credit scores can build a positive credit history and a chance at a stronger financial future.
Multifamily rental property owners who finance their properties with CPC will be offered the opportunity to access Esusu’s property management analytics and rent reporting services. Tenants’ on-time rent payments will be reported to the three major credit bureaus, allowing them to build a positive credit history. Those with positive rental payment history could see immediate results as the platform has an automatic 24-month look-back feature. The partnership would also allow residents the opportunity to access Esusu’s 0% rent stability program, which helps those at risk of missing a rental payment. As tenants pay rent and build credit, owners can increase on-time payments, prevent evictions, and lower vacancies.
In addition to earning credit improvement, renters will have access to the Esusu Renters Marketplace, where they can access other financial literacy and credit education courses to help support their path to financial independence and success.
