Experian, a global information services company, announced its capability to accept rental payment data from individual landlords and smaller property managers through its new collaboration with ClearNow. ClearNow offers a low-cost solution for collecting and making rental payments electronically and automatically. Experian, through its RentBureau business, currently receives rental payment data from more than 3,000 apartment communities, most of which are managed by large property management companies.
ClearNow allows property managers to electronically collect rent from residents via an automatic bank account debit. This relationship will allow renters to automate their rent payment, which can help avoid late payments, and opt-in to reporting their rent payment history to Experian RentBureau.
RentBureau is the largest and most widely used credit reporting agency for the multifamily industry. RentBureau’s database receives rental payment histories every 24 hours from property management companies and currently includes more than 9 million residents nationwide. Data contributors report their rental data to RentBureau directly and automatically. Property management companies utilize this data to screen new rental applicants’ payment history as part of their existing resident screening services.