OHIO WEATHER

Fannie Mae’s plan bolster renters’ credit scores


Exclusive: Fannie Mae’s plan bolster renters’ credit scores

  • Only positive payments of renters will be reported (those who fall behind will be unenrolled) and renters can chose to opt out at any time.
  • One in ten adults in the U.S., or about 26 million people, are “credit invisible,” meaning they do not have a credit history with one of the three nationwide credit reporting companies.
  • Renters are seven times more likely than homeowners to lack a credit score, according to a study the Urban Institute

When it comes to credit scores, renters are at a distinct disadvantage compared to homeowners.

While mortgage payments are reported by lenders to credit bureaus, landlords typically don’t report rental payments  – and that can hamper renters’ ability to build a credit history.

Fannie Mae plans to subsidize the cost for landlords of multifamily properties it finances to help renters build their credit starting Tuesday , the mortgage giant shared exclusively with USA TODAY.



Read More: Fannie Mae’s plan bolster renters’ credit scores

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.