This article provides an overview of how residents that reside in a property that partners with Esusu are enrolled in Esusu's rent reporting program and explains the opt-out model employed to ensure compliance with the Fair Credit Reporting Act (FCRA).
Overview
Property management companies partner with Esusu to provide many services to their residents. This includes the service of reporting on-time rental payments to the three major credit reporting agencies (Experian, Equifax and TransUnion) to help residents establish and build their credit scores.
To provide convenience and easy access to the program, residents that reside in a property that partners with Esusu are pre-enrolled in rent reporting with the option to opt out of the service at any time.
Communication and Consent
To inform residents about the Rent Reporting program, Esusu works with the property management company to communicate via email, SMS text, flyers, or lease riders. This outreach details the partnership with the property management company and the benefits of participating in the program.
Upon receiving the initial communication, residents have a two-week period to opt-out if they choose not to participate. This allows sufficient time for residents to make an informed decision. If no opt-out request is received within this timeframe, it is assumed that the resident consents to enroll in the program and their on time rental payments will be reported to credit bureaus.
Flexibility and Opt-Out Option
Residents can opt out of the rent reporting program at any time. Esusu respects residents' preferences regarding their participation in this initiative. For further information or to opt out of the Rent Reporting program, residents can contact their property management or contact our Rent Reporting team at rentsupport@esusu.org or +1-929-269-8032 (Monday-Friday, 9:00 AM to 6:00 PM EST).
Enrollment Process
Esusu operates on an opt-out model for rent reporting. This means that unless residents explicitly choose to opt-out, their on-time rent payments will be automatically reported to credit bureaus. This approach adheres to the Fair Credit Reporting Act (FCRA), which mandates that rental payment data can be reported with the renter's consent.
By not opting out, tenants are considered to have implicitly consented to Esusu reporting their positive rent payment history and do not need to do anything further to continue to participate in the program.