Redefining Rent Payments: CredHub’s Vision for Empowering Residents and Managers
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CredHub offers property owners and managers a way to cut down on missed and late rent payments from renters while also providing analytics on how well their properties are performing. CredHub gives business owners the ability to integrate their product into all major rent roll systems and to create custom solutions, such as a credit-building program that notifies credit bureaus of both good and negative payments. CredHub provides accurate credit reporting and also obtains information from the rent roll to track down missed and late rent payments. Owners and operators get the option to add an identity theft monitoring/protection system that offers access to 24/7 US-based privacy advocates, protection for lost wallets, and dark web monitoring. These initiatives promote on-time rent payments and discourage late payments.
In this episode, we covered:
- Lisa Strauser, Sales Director at CredHub, appeared on the Multifamily Women® Podcast to talk about the history of the business and the contributions it is making to the multifamily industry.
- CredHub launched in 2018 and works with 150 US property management firms. They offer rental reporting, with more than 70,000 residents reported each month.
- By providing renters credit for paying their rent, CredHub’s solutions level the playing field between homeowners and renters. In doing this, they can assist renters in improving their FICO scores.
- CredHub helps management teams reduce debt from former residents and holds renters accountable for their monthly payments to reduce delinquency issues.
- CredHub spares owners and management the responsibility of paying up-front fees. Over the course of the first calendar year, they develop their service with property owners and charge a 12th of the portfolio up front. Properties gradually pay as residents approach their lease renewal period. Although owners can opt to only obtain positive credit reporting, CredHub offers both positive and negative credit reports.
- Residents report that during the first few months, their FICO score rose by an average of 20 to 70 points and teams in charge of property management are receiving more timely payments.
- CredHub has partn
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