Freddie Mac is introducing a program to help renters build their credit history. The new program incentivizes apartment operators to report on-time rent payments through technology provided by Esusu Financial, the Washington Post reported. The technology automatically delivers on-time rental payment data from property management software programs to the credit bureaus. If renters miss payments, they are automatically unenrolled from the program so that negative information is not delivered to the credit bureaus (Equifax, Experian and TransUnion) if they are struggling financially. Freddie Mac is the largest purchaser of multifamily loans, accounting for approximately 20 percent of the market. More than 90 percent of the rental units funded through Freddie Mac are affordable to households with low to moderate incomes. Freddie Mac will provide closing cost credits on loans to apartment owners who agree to report on-time rental payments through Esusu’s platform.
