Bloom Credit Introduces Credit Reporting of Rental Payments

Published 4 months ago

Bloom Credit, the industry-leading API platform at the forefront of credit data innovation, has revealed a novel service facilitating the reporting of rental payment data to prominent credit bureaus such as Equifax, Experian, and TransUnion. The initiative will aid consumers with sparse credit history in enhancing their credit profiles.

Products like TenantPort, under PayUp, and Rent App, a Visible product, will leverage Bloom Credit’s API platform to report tenant rent payments to these credit bureaus. With this service, Bloom Credit aims to fill a significant gap for consumers who have been unable to establish credit history effectively.

The Importance of Credit History

Credit history is crucial in today’s financial environment, as it significantly determines an individual’s access to affordable credit. Regrettably, many consumers, particularly renters, lack a viable method to establish credit. At present, only a minor percentage of rental payments are reported to the major credit bureaus. This underreporting results in a missed opportunity to acknowledge responsible payment history and widen access to affordable credit for millions.

Bloom Credit’s CEO, Christian Widhalm, underscored the significance of this launch. Widhalm expressed the company’s belief that all individuals should have the opportunity to build robust credit history. The incorporation of rental payment data into credit reports is a significant stride towards accomplishing this for those with limited credit history. Widhalm is hopeful that their collaboration with partners and major credit bureaus will foster a more inclusive financial ecosystem.

Key Partnerships and Progress

Yash Mittal, Head of Product at PayUp, acknowledged that rent is the largest recurrent payment for most families, and the majority of tenants usually pay promptly. He appreciated Bloom Credit’s support in swiftly enabling rent reporting on their TenantPort platform. This addition will assist consumers in building credit and progressing towards upward mobility.

Similarly, Rent App, in collaboration with Bloom Credit, is excited to offer a credit-building feature. Jerry Knight, COO and Co-founder of Visible, stated that this significant enhancement would enable renters to benefit even more from their largest monthly expense.

About Bloom Credit

Bloom Credit is revolutionizing the credit data ecosystem with its API platform, enabling real-time credit reporting and enhancing credit reporting accuracy. It empowers customers to launch and expand new credit products and services in significantly less time than traditionally required, enabling important applications to improve consumers’ creditworthiness. Bloom Credit is based in New York City.