Experian said it has partnered with an electronic rental collections company to help expand the ability for renters to build their credit history.
The partnership with ClearNow will expand the amount of data Experian currently receives from its RentBureau operation, which now gets data from more than 3,000 apartment communities, the company said.
Most of those are large property management companies, Experian said. ClearNow – which collects rents via automatic debits – will add data from large apartment complexes to single-property managers via an opt in from the tenants, the company said.
“In the past year, we have led the industry in helping renters build credit history, and with the latest collaboration with ClearNow, we are achieving another major milestone.” said Steven Wagner, president, Experian Consumer Information Services, in Costa Mesa, Calif.
Experian said RentBureau receives rental payment histories every 24 hours from property management companies and currently includes more than 9 million residents nationwide.