Freddie Mac will provide closing cost credits on multifamily loans for owners of rental properties who agree to report on-time rental payments through a new reporting platform that helps renters build better credit scores.
Presently, less than 10% of renters see their on-time rental payment history reflected in their credit scores, inhibiting their ability to access credit or obtain competitive rates for a range of financial products.
However, based on internal data from Till, a provider of personalized financial solutions for the rental housing industry, 99% of residents with the option for a credit builder, a free rent-reporting solution, are enrolled in the program.
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