FreedomPath Unveils New Innovation That Allows Renters to Build Credit
Montgomery, Alabama July 23, 2022. FredomPath, the industry leading online platform for consumers to gain financial independence released rent reporting this week.
Over 42 million people in the US pay rent which is over one-third of the entire population and rent is generally their highest bill. In the past, renters that paid on-time had no benefit to their credit score from doing so. This was unfair and something had to be done about it.
FreedomPath’s new Rent Reporting platform allows renters to report the rent they are paying to the three credit bureaus and build positive credit history. This new tool is included at no additional cost within the ScorePath road to success and is as simple as signing up and submitting bank statements to prove rent was paid on-time.
Credit scores impact virtually every aspect of people’s lives and for renters, they have had a huge disadvantage until now. A good credit score can save consumers a significant amount of money in interest and fees. It can mean the difference between no deposit or an unaffordable deposit. It affects insurance rates, the ability to gain employment, the ability to fund a business startup - the list goes on-and-on.
Finally, now renters can benefit from being responsible and paying their rent on-time. Not only can you start reporting future payments, but our rent reporting can go back 24 months and instantly add years of previous positive payment history which can help boost your scores even further.
In addition to helping renters to benefit from their good payment habits, rent reporting is mutually beneficial to landlords as the renters are incentivised to make their payments on time to avoid hurting their credit.
Austin Ohliger, COO of FreedomPath said “It’s about time renters receive credit for their on-time payments. Our mission is to expand our reach to as many people as possible so they too can live the American dream and with this new platform - that means we can help millions more do just that”.