Esusu and Related Affordable expand partnership to help Bolster Residents’ financial health nationwide
By Edlyn Cardoza
Esusu, the pioneering FinTech company, recently announced an expansion to their partnership with Related Affordable, one of the largest private developers, financiers, and preservationists of affordable and workforce housing in the country, to implement rent reporting for credit building to benefit all Related Affordable residents. This partnership empowers residents in over 50,000 units to have their on-time rent payments reported to the three major credit bureaus to build their credit at no cost to them.
Related Affordable has been working closely with Esusu for over a year, and the collaboration continues to yield significant results. Esusu’s financial resiliency platform has enabled 71% of enrolled Related Affordable residents to boost their credit scores by 32 points (on average). For Related Affordable residents without a credit score, Esusu has already helped 2,300 enrolled renters establish credit scores and financial identities. To further scale their rent-reporting efforts, Related Affordable is leveraging Freddie Mac’s recently announced rent reporting initiative for multifamily borrowers, which includes a preferred cost structure for implementing Esusu’s technology.
“Over the past year, we have seen what Esusu’s rent reporting platform can do for Related Affordable residents to help improve their financial health,” said Jeffrey I. Brodsky, Vice Chairman of Related Companies. “We are thrilled to further our partnership with this forward-thinking company to better serve all Related Affordable residents.”
“We are deeply proud to partner with Related Affordable, an innovative leader transforming the housing landscape in the United States, to create more opportunities for renters,” said Esusu Co-Founders, Abbey Wemimo, and Samir Goel. “With less than 10% of renters in the United States seeing their rent captured in their credit scores, our partnership is critical to scaling rent reporting to millions of people nationwide and dismantling systemic barriers to credit and housing.”
Esusu continues to deploy win-win solutions for landlords and renters nationwide providing a system that uses rental data to empower renters and improve property performance nationwide. Esusu’s technology ensures that only on-time payments are captured to build credit scores and create greater access to capital and financial aid, and stability for residents.
IBSi Daily News Analysis
August 12, 2022
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