TransUnion Offers Pay Data
TransUnion here said it will gather rental payment history information to help credit grantors, including mortgage originators, make more informed risk, fraud and identity management, collections and marketing decisions. It is developing a rental payment database called RentBridge. Apartment owners and property managers can report rental payment data directly from their property management systems.
TransUnion made the announcement at the National Apartment Association Education Conference and Exposition in Denver.
Rent payments are typically not reported to TransUnion or to the other two national credit repositories, Experian and Equifax. Therefore renters have not seen the financial benefits of being on time with their monthly rent payment. On the other hand, the negative information of being late or even not paying rent at all, has also been omitted from their credit report.
As the database grows, users will be able to purchase rental payment history information on a standalone basis, purchase the standard and nonstandard format data as add-on information or incorporate it into custom scoring models.
Michael Britti, group vice president, TransUnion's rental screening services division, said "With RentBridge, we are able to greatly enhance the decision making process and add vital content to the files of individuals with limited credit information."
For traditional credit grantors, the additional data provided by RentBridge gives them the opportunity to market to renters who have "thin" credit files. (c) 2006 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com