Bilt Rewards, the leading rewards platform for renters, today announces the public launch of its free rent reporting service, available immediately to residents living within Bilt Alliance buildings. 

Renters within more than 2 million apartment units at AvalonBay Communities, Inc., Camden Property Trust, Cushman + Wakefield, Equity Residential, GID Windsor-Communities, Morgan Properties, Related Companies, Veritas Investments and other multifamily properties within the Bilt Alliance network will be the first to receive access to free rent reporting with each on-time rent payment, enabling consumers to build their credit score and in turn, qualify for lower borrowing rates and greater financial opportunities when they look to buy a future home.

Until now, rent reporting has not been widely available free of charge to both residents and property managers, and while rent is often the largest recurring household expense for renters, rent payment history has not traditionally been reported to the major credit bureaus. With newer credit scoring models now factoring rent, renters will be able to benefit from making regular on-time payments.

"Rent reporting is a needed component of the homebuying process," says Marcia Griffin, Founder and President of HomeFree-USA, an organization that helps renters prepare for homeownership. "Bilt's easy and free of charge reporting is advantageous to both residents and landlords. Building good credit is important for renters, and reporting rent provides an opportunity for hard working renters to greatly increase their credit and improve their financial wellness for the future."

While the U.S. counts over 109 million renters across nearly 45 million rental units today, it's estimated that less than 10% of those renters currently see their on-time rental history reflected in their credit scores. This can be a disadvantage particularly for Gen-Z and Millennial renters, many of whom carry "thin files" due to their short credit histories, making it difficult for lenders to see them as strong borrowers.

A recent TransUnion study, however, showed that when rent payments were included in a credit file, consumers experienced an average increase of nearly 60 points to their credit score, which can make a significant difference in access to loans, mortgage rates, and overall quality of life.  

As a further extension of Bilt's mission to improve the financial outcomes of renters, Bilt will begin reporting on-time rent payments to Equifax, Experian and TransUnion free of charge for both residents and multifamily owners and operators, giving renters an opportunity to build their credit score at no cost and earn valuable rewards on each rent payment.

"Offering free rent reporting is a huge step forward in breaking down the barriers to establishing credit for millions of Americans," says Jonathan Lawless, Director of Homeownership at Bilt. "By taking advantage of this service, renters will have the opportunity to boost their credit scores, gain access to lower interest rates, and approve their ability to qualify for a mortgage when they are ready to buy a home." 

Of working with Bilt to offer rent reporting to residents, Jamie Gorski, Senior Vice President of GID and Chief Experience Officer at Windsor Communities adds, "At Windsor Communities, we strive to create homes that meet our residents needs today, tomorrow, and every day. Our partnership with Bilt is a way that we can impact our residents' lives, by helping them build financial security for their futures."

To enroll in free credit reporting, Bilt Rewards members living in Bilt Alliance properties can opt-in through the Bilt mobile app starting today. Upon paying rent through the app, on-time payments will earn rewards and be reported directly to all three major credit bureaus.

For more information on Bilt Rewards and the Bilt Alliance, visit BiltRewards.com.