Esusu reports on-time rent payments, enabling credit-building for low- to moderate-income Utahns
SALT LAKE CITY, UTAH (March 1, 2023) — The Utah Housing Preservation Fund (“UHPF”) announced today a collaboration with Esusu Financial Inc., the leading financial technology company leveraging rent reporting for credit-building. Esusu reports on-time rent payments to the three major credit bureaus (Equifax, Transunion, and Experian) to establish and boost credit scores for residents.
Through the generous investments to its fund, UHPF has the unique ability to keep rent affordable for tenants. The collaboration with Esusu would reward tenants across all UHPF-owned properties for paying their rent on time, and those with positive rental payment history could see immediate results as the platform has an automatic 24-month look-back feature. The partnership would also allow residents the opportunity to access Esusu Rent Relief – an interest free, penalty free loan paid directly to the property owner – which helps those at risk for missing a rental payment stay in their home as they navigate financial hardship.
“We are thrilled to partner with the Utah Housing Preservation Fund and help advance credit and wealth-building opportunities for their residents,” said Wemimo Abbey and Samir Goel, Co-Founders and Co-CEOs of Esusu. “This partnership is designed to create a financially-stable entry point to credit-building for low-income renters and help residents across the country build healthier financial futures, especially at a time when many are facing economic uncertainty.”
Historically, rent payments aren’t considered when building credit, therefore, rent-paying individuals don’t always have the same financial benefit as mortgage payers. Since credit is a key determinant for larger financial decisions, disadvantaged individuals can struggle to reach the next level of financial independence.
“The goal is to create equitable financial access for everyone and equal opportunity in the housing market,” says Lukas Ridd, Fund Manager. “Using data to benefit fiscally responsible tenants who are living in low-to moderate income housing empowers these residents to become financially responsible now and in the future.”
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Media Contact:
Kylee Spjut
PR Strategist for Utah Housing Preservation Fund
513.510.0610
The Utah Housing Preservation Fund aims to preserve the loss of Utah’s existing affordable housing through the purchasing, remodeling, and the rent-stabilization of housing units. This is accomplished through partnerships with municipalities, non-profits, philanthropists, and community banks. The Fund, managed through the Utah Nonprofit Housing Corporation, was introduced in March 2020 with a goal to preserve thousands of safe and affordable rental units and increase health outcomes for low- and moderate-income Utahns.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu's rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 3 million rental units across all 50 states in the United States. Learn more at www.esusurent.com and follow us on Instagram @myesusu and on Twitter @getesusu.