Real Estate Weekly, March 9, 2023
OneWall Communities, a Stamford, Conn.-based owner and operator of multi-family workforce housing, has announced a national partnership with Esusu, the leading financial technology company leveraging rent reporting for credit-building.
More than 45 million Americans have no credit history, presenting major barriers to accessing financial products like securing a loan, opening a credit card account, renting a home or car, and even obtaining a cellphone, cable TV or internet equipment.
With a mission to dismantle barriers to housing for working families, Esusu reports on-time rent payments to the three major credit bureaus (Equifax, Transunion, and Experian) to establish and boost credit scores for residents. Creating a pathway to other forms of affordable debt, and even homeownership, through credit building supports residents that have historically been left out of the financial system.
For struggling residents, Esusu also offers eviction-prevention support in the form of rent relief. Residents who are faced with financial shock have the opportunity to apply for Esusu Rent Relief – a forgivable, interest-free, and penalty free loan – that is paid directly to their landlords, keeping their cash flows healthy, reducing evictions and, ultimately, homelessness.
Since forming the partnership with Esusu in June 2022, more than half of OneWall residents have improved their credit score, and dozens of others have established credit scores for the first time.
“Access to a credit score is vital to all Americans striving to achieve financial stability,” said Ron Kutas, Co-Founder and Chief Operating Officer of OneWall Communities. “By partnering with Esusu, we are providing new financial opportunities for our residents through their monthly rent payments. To date, we’re proud to have helped more than 50 families through the rent relief solutions offered by this partnership.”
OneWall Communities owns and operates a portfolio of thousands of workforce and affordable rental housing units across the Northeast and Mid-Atlantic. The company invests in housing to create communities that optimize value for both its investors and residents.
“Working with Esusu we have helped residents who previously have been marginalized due to background, race and zip code,” said Kutas. “We are excited to incorporate this innovative program into our larger effort to create quality affordable housing.”
In addition to earning credit improvement, renters will have access to the Esusu Renters Marketplace, where they have the opportunity to access other financial literacy and credit education courses to help support their path to financial independence and success.
According to TransUnion, tools such as rent reporting optimize resident financial health and translate to 25% higher on-time payments. This means seven out of 10 residents are more likely to pay rent on time.