Zillow is helping renters use their monthly payments to boost their credit profiles through CreditClimb, a new tool powered by Esusu.
Renters can now enroll in CreditClimb directly through
"Renters have more options when they have paths to establish and strengthen their credit," said Michael Sherman, senior vice president of Zillow Rentals, in a press release Wednesday. "That can mean qualifying for better financing, securing their next rental or moving confidently toward homeownership. With CreditClimb, renters can use the rental payments they already make to build credit and strengthen their financial future."
More than 85% of renters don't see their monthly payments reflected in their credit reports, according to a TransUnion report, limiting the loans they can apply for. But those using Esusu-powered programs have seen an average increase of 45 points to their credit score, unlocking more than $30 billion total in mortgages after reporting rent payments, the release said.
CreditClimb submits payments to Equifax, Experian and TransUnion, so that on-time payments contribute to a renter's credit profile.
Zillow launched free rent reporting early last year, and has since helped more than 147,000 renters improve their credit scores, according to the release.
"Esusu is honored to support CreditClimb and expand new credit-building opportunities for Zillow users across the country. Credit is more than a number on a page. It is a gateway to dignity, stability, and a chance to pursue the American Dream," said Samir Goel and Wemimo Abbey, co-founders and co-CEOs of Esusu, in the release. "By joining forces, Esusu and Zillow are helping millions of renters …"
Esusu, a financial technology platform, has been helping renters build credit for years,
