Fintech tools report on-time rent payments to improve students' credit scores and financial literacy
LOS ANGELES, Oct. 4, 2022 /PRNewswire-PRWeb/ -- Ashland Pacific, a vertically integrated real estate firm specializing in student housing, announced today that is has teamed up with Esusu, the pioneering fintech company, to implement rent reporting to help all Ashland Pacific renters establish and build credit at no cost to them. Now, student residents will have their on-time rent payments reported to all three major credit bureaus (Equifax, Experian and TransUnion), enabling them to establish or improve credit scores while earning a college degree and enter the workforce with a positive credit foundation.
Ashland Pacific has a significant student housing portfolio, both owned and managed, throughout Southern California surrounding major universities including the University of Southern California (USC) and the University of California, Santa Barbara (UCSB).
"Establishing credit as a student is often a challenge and this program takes activities our student residents are already doing – paying their rent - and uses it to automatically build on their credit scores," said Julio C. Davila, President and CEO of Ashland Pacific. "Only on-time payments are reported with this system, it's strictly a benefit for our residents. All residents opt in and they can opt out at any time."
Students can leverage the platform's automatic 24-month look-back feature to immediately establish or see improvements to their credit scores, which can then enable them to refinance student debt at lower interest rates. Further, the credit-improvement benefits can be shared with up to seven individuals, which enables roommates and co-signers to improve their financial health as well. Since Esusu began, renters have increased their credit score by an average of 30 points.
''We are grateful for the opportunity to help students graduate with a diploma in one hand and a credit score in the other," said Wemimo Abbey and Samir Goel, Co-Founders and Co-CEOs of Esusu. "This partnership is designed to create a financially-stable entry point to credit building for students, who often lack the opportunity to obtain a credit card or establish credit in a risk-free way.''
Esusu deploys win-win solutions for landlords and renters nationwide, providing a solution that empowers residents and improves property performance nationwide. Esusu's technology ensures that only on-time payments are captured to build credit scores and create greater access to capital and financial aid, as well as stability for residents.
In addition to earning credit improvement, students 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 well-being.
About Esusu
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 two million rental units across all 50 states in the U.S. Learn more at http://www.esusurent.com
About Ashland Pacific
Founded by industry veterans, Ashland Pacific is a vertically integrated real estate firm focused on investing in and managing student housing properties and other value-add properties with historical market resiliency. Ashland Pacific's team has collectively managed close to $20 billion in assets combining a fiduciary mindset and entrepreneurial culture to produce a strong track record that has weathered multiple market cycles over the last 30 years. From investments and acquisitions to property management, the firm focuses mainly on undervalued assets, properties, and urban developments in the West and Southwest U.S. with an opportunity for large return on investment over the long term. Ashland's team studies macro-economic and demographic trends for a thorough investment strategy and maintains a full service, hands-on management approach to ensure quality and accountability. For more information, please visit http://www.ashlandpacific.com
Media Contact
Leasa Ireland, LPI Communications for Ashland Pacific, 1 3107507082, [email protected]
SOURCE Ashland Pacific
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