A pilot program in The Bronx was announced yesterday, that if successful, will end up benefiting millions of New Yorkers who are renters.
Making on-time rental payments, something you’d think would help your credit, doesn’t since it isn’t reported to the major credit reporting agencies.
Residents of 40 buildings operated by Banana-Kelly in the South Bronx will now be able to opt into this pilot program that will report your payments thus helping you establish and build credit.
“A lot of people are credit worthy,” New York City Comptroller Scott Stringer said in an interview with PIX11 News. “Their biggest expense is either the mortgage, or the rent payment, but the rent payment accounts for nothing.”
The way the program works is very simple.
“Our tenants are able to sign on to the RentTrack program and they are the ones that report to the three credit agencies,” Hope Burgess, chief financial officer of Banana Kelly, said.
She said it’s both shameful and amazing that this opportunity hasn’t existed before.