Bloom Credit Launches Credit Reporting Service for Rental Payment Data
Expansion of its credit reporting platform enables companies to help more consumers build credit and establish a more accurate risk profile
NEW YORK, NY / October 31, 2023 / Bloom Credit, an API platform that is leading innovation for the credit data ecosystem, announced the launch of a new service that enables the reporting of rental payment data to the major credit bureaus, including Equifax, Experian, and TransUnion. Initial partners who will report consumer rent payments to the major credit bureaus via Bloom Credit’s API platform include TenantPort, a product of PayUp, and Rent App, a product of Visible. This new service will bridge the gap for consumers with limited credit history by providing them with the opportunity to build a more robust credit profile.
In today’s financial landscape, credit history plays a pivotal role in determining an individual’s access to affordable credit. Unfortunately, a significant portion of consumers, especially those who rent their homes, have been left without a meaningful way to establish credit. Only a small percentage of rental payments are currently reported to the major credit bureaus, which is a substantial missed opportunity to recognize responsible payment history and expand access to affordable credit for millions of consumers.
Christian Widhalm, CEO of Bloom Credit, emphasized the importance of this launch, stating, “We believe that everyone should have the chance to build a strong credit history. The inclusion of rental payment data in credit reports is a significant step towards making that a reality for individuals with limited credit history. By working with our partners and major credit bureaus, we aim to create a more inclusive financial ecosystem where consumers can access the credit they need to achieve their goals.”
“Rent is the single biggest recurring payment for most families and the majority of residents usually pay on time,” said Yash Mittal, Head of Product at PayUp. “Bloom Credit enabled us to quickly support rent reporting in our TenantPort platform, which will help these consumers build credit and chart a path towards upward mobility.”
“At Rent App, we continually explore ways for our customers to take charge of their financial futures. Alongside our fast and secure monthly rental payments, we’re thrilled to introduce our credit-building feature in partnership with Bloom Credit,” said Jerry Knight, COO and Co-Founder of Visible. “With this powerful addition, renters will gain more from their most significant monthly expense.”
For more information about Bloom Credit and their new service, please visit www.bloomcredit.com.
About Bloom Credit
Bloom Credit is an API platform company modernizing the infrastructure for the credit data ecosystem, including the enablement of real-time credit reporting and improvements in credit reporting accuracy. Bloom Credit empowers customers to launch and grow new classes of credit products and services in a fraction of the time it has traditionally taken, enabling important applications which can improve consumers’ creditworthiness. Bloom Credit is headquartered in NYC. www.bloomcredit.com