New data shows access to rent reporting can provide financial stability and access to wealth building opportunities for renters
| Source: Esusu Financial Inc.
HARLEM, N.Y., May 19, 2022 (GLOBE NEWSWIRE) — Esusu, the leading financial technology company advancing rent reporting and data solutions for credit building, announced today new data from the company’s two year partnership with Jonathan Rose Companies, a leading developer of affordable residential communities. The new data demonstrates the impact of the partnership between the two mission-driven companies, with 95% of residents improving their credit scores.
Esusu and Jonathan Rose Companies launched their partnership over 24 months ago with residents from four Low-Income Housing Tax Credit (LIHTC) properties centered in Harlem, New York, and Stamford, Connecticut. The partnership enabled Jonathan Rose’s Harlem and Stamford residents to have their rental data reported to the three major credit bureaus (Equifax, Experian, and TransUnion) in order to build credit. Jonathan Rose Companies’ residents also had access to rent relief funds throughout the pandemic enabling dozens of residents to navigate financial shock and stay current with their rental payments.
With the tremendous success of this initial program, Jonathan Rose Companies recently expanded this partnership to include its full portfolio of 80 properties and 12,500+ units across 11 states. To aid their efforts to scale rent-reporting, Jonathan Rose Companies is amongst the first to leverage Freddie Mac’s recently announced rent reporting initiative for multifamily borrowers, which provides benefits for borrowers implementing Esusu’s technology at scale.
“Esusu and Jonathan Rose Companies are both committed to creating equitable communities that unlock opportunity for all,” said Samir Goel and Abbey Wemimo, Co-Founders and Co-CEOs of Esusu. “As a long time pioneer of equitable and sustainable communities for all, they are a natural partner in our vision to unleash the power of data to bridge the racial wealth gap, and the initial numbers from this partnership prove that the work of dismantling the barriers to housing is possible at scale.”
In addition to helping renters establish new credit scores, Esusu and Jonathan Rose Companies saw:
- A 10% reduction in poor credit scores
- A 10% increase in the percentage of residents with excellent credit
- 95% of residents improve their credit scores
- 21 residents receive Rent Relief funding