By Mallory Bulman, Associate Editor

It’s clear that homeownership is no longer one of the top priorities for today’s young working class as apartment rent growth has soared exponentially during the past few years. While it’s characteristic of young professionals to rent apartments right out of college, many are remaining renters even after they’ve reached financial stability. While renting provides more monetary freedom and a no-maintenance lifestyle, individuals who rent instead of buy aren’t typically building up their credit scores, even if they pay every bill on time.

Experian RentBureau, one of the leading providers of rental payment history data to the multifamily industry, has partnered with Fraud Protection Network to provide a solution to this growing issue amongst the renter population. Multifamily property managers who report their residents’ rental payment data automatically to Experian RentBureau can offer their residents the option to build credit by paying rent on time, as well as the benefits of Fraud Protection Network, which provides an identity-theft alert system, real-time credit monitoring and lost wallet protection.

“We are honored to undertake this extremely important effort with Fraud Protection Network,” said Emily Christiansen, director of Experian RentBureau. “Together, we hope to educate apartment residents about the importance of building and securing their credit history, in large part by paying their rent responsibly and protecting themselves from identity theft. Offering these amenities to residents also provides apartment communities with a huge competitive advantage that will attract and retain quality renters.”

The unique offering, which can attract potential residents and provide ancillary income to apartment owners and operators, both encourages responsible bill-paying and helps residents build, monitor and protect their credit history.

“We are privileged to be a part of this collaboration to bring unique and powerful solutions to the multifamily industry,” said Ed Margolin, chief executive officer of Fraud Protection Network. “Our mission has always been to protect the consumer and now the collaboration with Experian RentBureau presents the opportunity for our organizations to help residents build credit history and protect their identities through two products that utilize state-of-the-art technology.”

To learn more about Experian RentBureau, visit experian.com.

Photo via multifamilybiz.com