Walnut Creek, June 25, 2015 – YapStone™ announced today that RentPayment, its online and mobile payment solution for the apartment rental industry, will now report rental payment information using TransUnion’s Resident Credit. The integration with ResidentCredit will offer a prompt, seamless reporting process for property managers and residents.
“Rent is the largest monthly expenditure for many Americans today,” said Michael Denbeau, YapStone Vice President and General Manager of RentPayment. “However, renters who make on-time rent payments each and every month see little, to no benefit in their personal credit scores because rent payments are generally not reported to the credit bureaus. Through our collaboration with TransUnion’s ResidentCredit rental payment reporting tool, we are now giving renters the opportunity to build a credit history and potentially improve their credit score by paying their rent on-time with RentPayment.”
A TransUnion analysis released in June 2014 found that approximately eight in 10 subprime consumers (79.1% of those with a VantageScore® 2.0 credit score lower than 641, on a scale from 501 to 990) may experience an increase in their credit score one month into a new apartment lease if rental payments were included on their credit report. Nearly 41% of subprime consumers may see their VantageScore increase by approximately 10 points or more after one month.
“The benefits of the TransUnion ResidentCredit program also extend to our client partners in property management,” said Denbeau. “By giving renters a powerful incentive to make their rent payments on-time, property managers may benefit from fewer late payments and improved cash flow. In addition, by offering this valuable service to renters, our property management clients will have a compelling differentiator from their multifamily competition.”
“We’re excited to partner with RentPayment to provide more renters with the opportunity to build their credit histories,” said Michael Doherty, Senior Vice President of TransUnion’s rental screening solutions group. “This is a true win-win situation for both property managers and renters, and we are excited to play a major role in the advancement of this initiative.”
Using TransUnion ResidentCredit, RentPayment will submit data each month to TransUnion on rent payments made through RentPayment’s online or mobile solution by residents who opt-in to the service. This rental payment information will appear on a resident’s consumer files alongside their other financial obligations such as auto loans, credit cards and student loans.
For more information about TransUnion ResidentCredit, visit http://transunioninsights.com/rentalreporting/
About TransUnion Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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YapStone is a leading global provider of web and mobile payment technology solutions enabling electronic payments and automated onboarding for global online and mobile marketplaces, including HomeAway® and VRBO®, as well as for large vertical markets, including apartment and vacation rentals (through its RentPayment and VacationRentPayment brands, respectively), HOA communities, self-storage and non-profits. YapStone develops tailored payment solutions
to address partner needs and processes over $14B in payments volume annually. YapStone continues to be recognized for its growth, ranking on the Inc. 5000 list of Fastest-Growing Private Companies for seven consecutive years, and honored in 2013 and 2015 on Forbes’ List of America’s Most Promising Companies. YapStone has raised over $110 million from investors, including Accel Partners, Meritech Capital and Bregal Sagemount. YapStone is headquartered in both Walnut Creek and Santa Monica, California with its international operations center in Drogheda, Ireland. To learn more, visit www.yapstone.com.
Powered by the YapStone payment platform, RentPayment is the most robust and convenient online payment solution to accept and pay rent. Founded in 1999, the RentPayment online and mobile payment solution powers payments for property management companies, landlords and renters. As the established market leader, RentPayment partners with thousands of property management companies representing millions of rental units nationwide. For more information, visit RentPayment.com.