Democratic candidate Kamala Harris is advocating for a $25,000 credit for first-time homebuyers who maintain a two-year record of timely rent payments, aiming to support them in achieving homeownership.
For landlords and real estate agents, timely rent payments are essential. They not only cover financial obligations like mortgages and taxes but also help establish lasting relationships by educating renters on financial responsibility.
Automated payment systems and platforms that report on-time rent payments to credit bureaus are becoming popular, transforming the perception of rent payments into a key factor of tenants' overall financial profiles.
Historically, renters have struggled to build credit through their timely rent payments, while homeowners have benefited from mortgage repayments bolstering their credit scores, creating a disparity in financial opportunities.
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