Esusu Renters Create Over $21.9 Billion in New Credit Tradelines and Establish 100k+ Credit Scores
In 2023, the nation’s leading rent reporting and financial wellness platform launched its new Resident Portal and saw renters’ credit scores increase by 36+ points on average after signing up for rent reporting
HARLEM, N.Y., Dec. 11, 2023 (GLOBE NEWSWIRE) — Esusu, the leading fintech platform leveraging rental data to improve credit scores and property performance, released its 2023 Year in Review Data Report today, highlighting record-breaking milestones in bridging the racial wealth gap and breaking down barriers to housing for working families. The data reveals the creation of 107,000+ new credit scores and over $21.9 billion in capital unlocked for renters via new credit tradelines.
Esusu’s latest data demonstrates an average credit score increase of 36+ points for renters reporting with Esusu throughout the length of enrollment. Over 7% of renters on the Esusu platform progressed from subprime to prime credit scores, a life-changing improvement in credit. Esusu renters benefiting from on-time rent payments reflected in their credit reports experience increased financial stability and access to lines of credit with more favorable terms. As of October 2023, Esusu renters have experienced the following positive outcomes:
- 8,000+ evictions prevented
- 33,000 mortgages accessed, totaling more than $14 billion
- 42,000+ student loans accessed
- 134,000+ car loans accessed
“In the midst of a challenging year, Esusu proudly supports our renters nationwide in unlocking financial access. Families using the Esusu platform gain access to cars, education, home ownership, and other essential products that foster economic mobility and wealth creation,” emphasized Samir Goel and Wemimo Abbey, Co-Founders at Esusu.
In the United States, more than 45 million people lack credit or have insufficient credit profiles. This group is predominantly made up of immigrants, minorities, and low to moderate-income consumers. Since its establishment in 2018, Esusu has enabled millions of renters to enhance their credit scores by reporting on-time rent payments to credit bureaus. Through the integration of Esusu’s comprehensive product suite, renters can now access credit-building opportunities, financial literacy content, and essential resources, including rent relief funds
As the company continues to expand, it upholds its ongoing commitment to both property owners and renters through the introduction of the Esusu Resident Portal. This one-stop-shop for renter financial health enables renters to engage with new tools to enhance their financial well-being. The Resident Portal includes:
- Access to a free credit score and credit history
- Bespoke educational content and local social services searchable by ZIP code
- Access to the Esusu Renters Marketplace that includes exclusive rates on vetted financial products designed to improve financial mobility
“In 2024, we will continue creating quality financial products for low to moderate-income communities, starting with the launch of Esusu Rewards—the first rewards program to help renters move towards true wealth creation,” continued Wemimo Abbey and Samir Goel.
In the five years since its founding, Esusu has grown from a team of two to over 200 and has established partnerships with hundreds of property managers and operators. Earlier this year, the company announced an extension of its collaborations with Fannie Mae and Freddie Mac, resulting in hundreds of thousands of renters reporting rent with Esusu. Since April 2020, Esusu has reported more than $28 billion in rental payments made by renters.
Esusu is the leading financial technology platform that leverages data solutions to empower residents and improve property performance. Esusu’s rent reporting platform captures rental payment data and reports it to credit bureaus to boost credit scores. This allows renters to build and establish their credit scores while helping property owners mitigate against initiating evictions, powered by differentiated data and insights. Founded in 2018, Esusu reaches over 5 million rental units across all 50 states in the United States. Learn more at www.esusurent.com and follow us on Instagram @myesusu and on Twitter @getesusu.
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