Bilt Rewards Brings Free Rent Reporting to Renters and Multifamily Owners and Operators at Over 2 Million Apartments to Help Renters Build Credit History and Qualify for Homeownership

Announcement Marks Shift in Industry as Nation's Largest Multi-Family Owners Including AvalonBay Communities, Inc., Equity Residential, GID-Windsor Communities, Related Companies, and Veritas Investments can Now Help Renters Build Credit with All Three Bureaus Through On-Time Rent Payments

Rent Reporting Proven to Improve Credit Scores by an Average of 60 Points, Helping Young Renters and Minorities Qualify for Mortgages

NEW YORK, June 14, 2022 /PRNewswire/ -- Bilt Rewards, the leading rewards platform for renters, today announces the public launch of its free rent reporting service, available immediately to residents living within Bilt Alliance buildings. Renters within more than 2 million apartment units at AvalonBay Communities, Inc., Camden Property Trust, Cushman + Wakefield, Equity Residential, GID Windsor-Communities, Morgan Properties, Related Companies, Veritas Investments and other multifamily properties within the Bilt Alliance network will be the first to receive access to free rent reporting with each on-time rent payment, enabling consumers to build their credit score and in turn, qualify for lower borrowing rates and greater financial opportunities when they look to buy a future home.

Until now, rent reporting has not been widely available free of charge to both residents and property managers, and while rent is often the largest recurring household expense for renters, rent payment history has not traditionally been reported to the major credit bureaus. With newer credit scoring models now factoring rent, renters will be able to benefit from making regular on-time payments.

"Rent reporting is a needed component of the homebuying process," says Marcia Griffin, Founder and President of HomeFree-USA, an organization that helps renters prepare for homeownership. "Bilt's easy and free of charge reporting is advantageous to both residents and landlords. Building good credit is important for renters, and reporting rent provides an opportunity for hard working renters to greatly increase their credit and improve their financial wellness for the future."

While the U.S. counts over 109 million renters across nearly 45 million rental units today, it's estimated that less than 10% of those renters currently see their on-time rental history reflected in their credit scores. This can be a disadvantage particularly for Gen-Z and Millennial renters, many of whom carry "thin files" due to their short credit histories, making it difficult for lenders to see them as strong borrowers.

A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score, which can make a significant difference in access to loans, mortgage rates, and overall quality of life.  

As a further extension of Bilt's mission to improve the financial outcomes of renters, Bilt will begin reporting on-time rent payments to Equifax, Experian and TransUnion free of charge for both residents and multifamily owners and operators, giving renters an opportunity to build their credit score at no cost and earn valuable rewards on each rent payment.

"Offering free rent reporting is a huge step forward in breaking down the barriers to establishing credit for millions of Americans," says Jonathan Lawless, Director of Homeownership at Bilt. "By taking advantage of this service, renters will have the opportunity to boost their credit scores, gain access to lower interest rates, and approve their ability to qualify for a mortgage when they are ready to buy a home." 

Of working with Bilt to offer rent reporting to residents, Jamie Gorski, Senior Vice President of GID and Chief Experience Officer at Windsor Communities adds, "At Windsor Communities, we strive to create homes that meet our residents needs today, tomorrow, and every day. Our partnership with Bilt is a way that we can impact our residents' lives, by helping them build financial security for their futures."

To enroll in free credit reporting, Bilt Rewards members living in Bilt Alliance properties can opt-in through the Bilt mobile app starting today. Upon paying rent through the app, on-time payments will earn rewards and be reported directly to all three major credit bureaus.

For more information on Bilt Rewards and the Bilt Alliance, visit BiltRewards.com.

Launched by Kairos HQ in June 2021, Bilt Rewards is the first-ever loyalty program that allows renters to earn points on rent with no fees and builds a path towards homeownership. Through a partnership with the country's largest owners including AvalonBay Communities, GID, Equity Residential, Related, Starwood Capital Group and more, Bilt Rewards enables renters in more than two million units across the country to earn points just by paying rent. Bilt Rewards boasts one of the highest value rewards programs on the market today, including one-to-one point transfers to 11 loyalty programs allowing travel across over 100 major airlines and hotel partners; fitness classes at the country's top boutique studios including SoulCycle, Solidcore, Rumble and Y7; limited-edition and exclusive collections of art and home decor through the Bilt Collection, and the ability to use Bilt points for rent credits or towards a future downpayment. Bilt has also partnered with Mastercard and Wells Fargo to issue the Bilt Mastercard - the first and only credit card that can be used to pay rent with no fees. Bilt is a Kairos company. For more information, visit BiltRewards.com.

CONTACT
Lauren Doyle
[email protected] 

SOURCE Bilt Rewards

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