CHFA’s Rent Reporting Program is an innovative housing solution that enables multifamily property owners of CHFA-supported properties to connect with Esusu, a leading rent reporting provider, that can report tenants’ positive rent payments directly to credit bureaus to help establish or improve tenants’ credit scores.
Interested in Enrolling Your Property?
Please fill out this form to indicate your interest in enrolling in the Rent Reporting program.
About Rent Reporting
Though rental payments are often a tenant’s largest and most consistent monthly expense, rental payments are not traditionally reported to the major credit bureaus or calculated into a credit score. Rent reporting services collect rental data from property managers and report positive rent payments to credit bureaus for the opportunity to boost or build a tenant’s credit.
According to research from the Urban Institute, rent reporting leads to a significant increase in the likelihood of a tenant having a credit score or an increased credit score.
Rent reporting may also contribute to more on-time rent payments, according to a TransUnion study, which may help property owners reduce delinquencies, evictions, or turnover. It may also help property owners to attract or retain tenants.
CHFA’s Rent Reporting Program
In 2020, the Colorado General Assembly created a Rent Reporting pilot program administered by CHFA to explore opportunities for rent reporting for historically under-represented or credit-invisible renters. The Pilot Program enrolled six landlords and 443 diverse tenants in 33 properties across the state. Participating tenants saw an average credit score increase of 62 points during the pilot period. Additional information about CHFA’s administration of the Pilot may be found in the Rent Reporting for Credit Pilot Program report (PDF).
Building off the success of this Pilot Program, CHFA is sponsoring rent reporting services for multifamily property owners of CHFA-supported properties to help up to 20,000 low- and moderate-income Colorado tenants improve their credit scores and advance opportunities for strong financial futures.
CHFA is partnering with Esusu Financial, Inc. to offer rent reporting at eligible properties for three years at no cost to the tenant or to the property owners. Once a property is enrolled in the Program, tenants will have the option to opt-in to Esusu’s rent reporting services.
About Esusu
Founded in 2018, Esusu’s platform captures on-time rental payment data and reports it to credit bureaus to boost credit scores. Esusu’s platform seamlessly integrates with many leading property management software systems. Esusu has partnered with several public entities to provide its rent reporting platform to tenants of affordable housing developments. These partnerships include Fannie Mae and Freddie Mac, the Ohio Housing Finance Agency, and MassHousing.
How to Enroll
CHFA-supported properties may indicate their interest by completing this form. Completion of the form does not guarantee or indicate enrollment in the Program. Properties will be enrolled on a rolling first come first served basis. Eligible properties must agree to a Program Agreement.Acknowledgments
CHFA would like to recognize Habitat for Humanity of Colorado as well as bill sponsors of HB21-1134, State Representative Naquetta Ricks, Representative Mary Bradfield, and Senator Jeff Bridges of the Colorado General Assembly for their leadership which brought the Rent Reporting Pilot Program to fruition.
Additional Questions?
If you have additional questions about CHFA’s Rent Reporting Program, please contact Brian Miller, Director, Asset Management.
Brian Miller
Director, Asset Management