Watch: New Program Lets Bronx Tenants Establish and Build Credit Through Rent Payments

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.

PIX11 News writes:

“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.

- Advertisement -Newspaper WordPress Theme

Latest news

Soundview Ferry Route to Expand, Linking The Bronx, Brooklyn, and Rockaways in NYC Ferry Overhaul

Since before NYC Ferry first launched its Soundview route in 2017 connecting The Bronx to Manhattan by water, Welcome2TheBronx has been vocally advocating for...

Construction begins on the tallest building at The Hub

Construction has finally begun on the final phase of one of the largest developments in The Bronx after years of delays. Building E, at the...

Attorney General Letitia James Strikes Deal With Bally’s to Save Preston High School

In a victory for the Throggs Neck community, New York Attorney General Letitia James has stepped in to secure the future of Preston High...

Soundview Ferry Route to Expand, Linking The Bronx, Brooklyn, and Rockaways in NYC Ferry Overhaul

Since before NYC Ferry first launched its Soundview route in 2017 connecting The Bronx to Manhattan by water, Welcome2TheBronx has been vocally advocating for...

Construction begins on the tallest building at The Hub

Construction has finally begun on the final phase of one of the largest developments in The Bronx after years of delays. Building E, at the...

Attorney General Letitia James Strikes Deal With Bally’s to Save Preston High School

In a victory for the Throggs Neck community, New York Attorney General Letitia James has stepped in to secure the future of Preston High...