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DGS 108: Reporting Rental Payments to Credit Bureaus with CredHub
Description
Is there a way for property managers to reduce delinquent rent payments by more than 50 percent? How can residents positively or negatively impact their credit score by 20-70 points?
Today, I am talking to President Dave Haldi and CEO Steve Jarvis of CredHub, which helps property managers report on every resident, including those considered a credit risk. It reports the positive and negative, incentivising tenants to make paying on time their top priority.
You'll Learn...[01:47] CredHub: Name change, funding, continued growth, and creating transparency.
[02:06] CredHub's Competition: Most companies only process and record positive payments, not negative payments on individual's credit score.
[02:28] Bolt-on Technology: CredHub connects and bolts onto rental software systems to validate positive and negative payments via rent roll system.
[02:52] How it works: Provides property managers access to an individual's credit score information reported to credit bureaus and pass-through revenue opportunity.
[03:27] RentCredit Plus includes identity theft resolution services and rental payment reporting to credit bureaus for $3.50 each month.
[04:20] Customer Support: Resolution Services as Customer Support: If there is a credit issue, CredHub takes on responsibility to work with credit bureaus.
[05:35] Doing Good Things: CredHub helps people get back their financial health and credit for payments.
[06:42] Recapitalization: Report all data at scale to achieve goal of growing CredHub.
[07:58] Lease vs. Mortgage: What's the difference? Educate managers and residents.
[09:13] Audit Proof: Information given to credit bureaus via CreditHub must be correct.
[11:25] Collections: CredHub has credentials to create trade line for property managers.
[11:54] Implementation Process: After CredHub has signed agreement, implementation takes about six weeks.
TweetablesIncrease credit score by 20–70 points; make paying rent on time a top priority.
CredHub: Bolt-on, backend, rent roll, data pole cleansing and reporting at scale.
CredHub: Gets property managers out of credit business, and puts them in property management business.
CredHub reports the positive and negative, incentivizing tenants to pay on time.
Resources TranscriptDave: ...opportunity for property managers to help reduce their delinquency because we figured out a way to report the negative or late payments. The program can then help increase an individual's credit score 20–70 points on a positive perspective but it will also impact their score negatively and help reduce delinquency by over 50% encouraging an individual to pay on time and making rent their priority to pay.
It started four years ago, validated the idea, worked with some property management companies locally. We changed the name to CredHub a little about a year ago, got f