In June 2022, Freddie Mac authorized on-time rental payments to be included in its underwriting system.
Building a credit history through rent payments can significantly impact loan approvals, especially for those with limited credit history, Michael Lucarelli, CEO and co-founder of RentSpree said in a statement.
Since consumers for the most part are still unable to report directly their on-time rent payments, RentSpree's Credit Builder provides a valuable service, the statement said.
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