Rent Payments & Credit Scores: Are You Missing Out?
- landlords report rent payments, impacting millions of Americans who lack credit history.
- Wemimo Abbey, CEO and co-founder of Esusu, highlighted the meaningful financial potential in reporting rent payments.
- Esusu collaborates with industry giants like Goldman Sachs, mercy Housing, and cushman & Wakefield, along with Fannie Mae and Freddie Mac, to expand rent reporting nationwide.
Are you missing out on a chance to build your credit? Millions of Americans face “credit invisibility” due to unreported rent payments. Esusu is changing the game by partnering with major rental companies, including Goldman Sachs, to report rent payments and boost credit scores. Discover how this innovative service is helping renters, especially those in minority groups and immigrants, access better financial opportunities and address financial inequity. News Directory 3 shares how timely rent payments are crucial for building credit, and how Esusu’s efforts are making waves in the industry. Learn how to possibly improve your financial standing by leveraging this emerging practise. Discover what’s next …
Esusu Aims to Boost credit Scores Through Rent Reporting
Updated June 11, 2025
Only about 20% of U.S. landlords report rent payments, impacting millions of Americans who lack credit history. This “credit invisibility” limits access to loans adn other financial opportunities. Esusu, a credit score reporting service, seeks to change that by partnering with major rental companies and offering a direct reporting line for renters.
Wemimo Abbey, CEO and co-founder of Esusu, highlighted the meaningful financial potential in reporting rent payments. Speaking on CNBC, Abbey noted that a substantial amount of money is left untapped due to the lack of widespread rent reporting.
Esusu collaborates with industry giants like Goldman Sachs, mercy Housing, and cushman & Wakefield, along with Fannie Mae and Freddie Mac, to expand rent reporting nationwide. The company’s efforts aim to democratize access to credit building, especially for those in smaller, independently managed housing units.
Credit scores, ranging from 300 to 850, reflect a person’s ability to manage debt. A low or nonexistent score can lead to higher interest rates or loan denials. Landlords often use credit scores to assess rental applications, making credit history crucial for securing housing.
This issue disproportionately affects minority groups. Data indicates that Hispanic and Black consumers are more likely to be credit invisible compared to White and Asian consumers. Immigrants also face challenges, as their credit history from other countries is not considered in the U.S.
Abbey and co-founder Samir Goel’s personal experiences as immigrants motivated them to start Esusu.They witnessed their families’ financial struggles firsthand due to a lack of credit history.
“When we came here, we didn’t have a credit score…we were turned away and had to go borrow from a predatory lender who wanted to lend at over 400% interest rate,” Abbey said.
Since its inception, Esusu has helped establish credit scores for a significant number of Americans, leading to substantial credit activity. The company’s valuation has reached $1 billion, reflecting the high demand for its services.
Rent reporting can be initiated by landlords or tenants. While some commercially managed properties may already offer this service, they might charge a fee.Alternatively, renters can use services like Esusu for a monthly fee to report their payments.
Timely rent payments are crucial for building credit.While some agencies may offer a grace period, others may not, and late payments can negatively impact credit scores. Other ways to build credit include becoming an authorized user on a credit card or obtaining a secured credit card.
What’s next
Esusu plans to further expand its partnerships and services to reach more renters and landlords, aiming to make rent reporting a standard practice and improve financial inclusion for millions.