Mayor Eric Adams announced a pilot program aimed at helping tenants in affordable housing report their on-time rent payments to credit bureaus. Through a collaboration with Esusu, eligible tenants can opt-in, allowing their rent history to impact their credit scores positively. This initiative addresses the challenges faced predominantly by Black and brown renters who struggle to build credit despite responsible payment histories. The program aims to reach 500 households over 15 months, ultimately enhancing financial opportunities for those historically disadvantaged in credit building.
If you're paying rent on time every month, you should see that reflected in your credit score, and with this program, we will help make that a reality.
The lack of opportunity for renters to build up their credit scores despite years of responsible financial behavior puts many New Yorkers at a disadvantage.
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