Entrata has announced that recently acquired Rent Dynamics is now working with Freddie Mac Multifamily as part of its credit-building initiative.
The collaboration will help renters build credit by reporting on-time rent payments to the top three credit bureaus.
Multifamily residents living in eligible properties backed by Freddie Mac financing can receive 24 months of credit-building services from one of Freddie Mac’s participating rent-reporting vendors.
“Entrata is honored to collaborate with Freddie Mac Multifamily in this potentially life-changing initiative as we continue to build and expand our industry-leading products and ecosystem to help multifamily community residents across the U.S.,” said Adam Edmunds, Chief Executive Officer of Entrata. “In collaboration with Freddie Mac, Entrata’s resident services program will continue to empower residents and property managers alike as they make the most of our platform.”
Entrata’s rent-reporting program, a part of their larger resident services program, has already seen significant results with an average increase in credit scores across residents who have participated in the program. Data from Entrata also shows that rent reporting allows a significant number of residents to go from having no credit to being scored.
“Freddie Mac Multifamily is working to expand best practices in resident-centered housing across the multifamily industry, and that includes helping families establish or improve their credit scores,” said Corey Aber, Vice President of Mission, Policy and Strategy at Freddie Mac Multifamily. “We are confident that this collaboration with Entrata and Rent Dynamics will further our mission to make the multifamily industry more equitable and to strengthen the economic mobility of renters.”
In addition to its work with Freddie Mac, Entrata recently announced a similar continuation with Fannie Mae’s Multifamily Positive Rent Payment program. As Entrata continues to expand its resident services, it will continue to address the issues that residents face and add significant value to the millions of apartment units that Entrata services nationwide.
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Entrata is a leading operating system for multifamily communities worldwide.
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