As housing prices rise, more Californians are renting long-term. AB 2747 allows tenants to share their timely rent payments with credit bureaus to improve their credit scores. While this could benefit responsible renters, advocates express concerns over the costs tenants might incur for this reporting. Landlords have different compliance approaches, including using platforms like Piñata to manage the submission of payment data. The law is intended to recognize diligent rent-paying as a financial commitment that could enhance tenants' financial profiles.
"People take paying rent seriously," Allbee said. "What we're hoping is that people who are making this financial commitment and doing the right thing, see their credit increase."
"Are you ready to make a long-term commitment to not only paying on time, but also paying for this reporting?" said Simon-Weisberg, discussing the implications of AB 2747.
As buying a home becomes more expensive each year, families in California are renting for longer periods of time.
Landlords can use a paid platform like Piñata, which aids them in complying with AB 2747's requirements for sharing tenant payment information.
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