Circa implements credit reporting through TransUnion

Thursday 30 June 2022 13:28 CET | News

US-based payments technology company Circa has integrated positive credit reporting via TransUnion to its rent payment solution.

The addition of credit reporting to Circa’s existing offering of flexible payments and integrated communications enables residents to build positive credit history from on-time rent payments.

To implement credit reporting for residents, property owners can opt in and undergo a standard TransUnion credentialing process through Circa. After they are credentialed, credit reporting for residents can begin immediately. When rent payments are received on time, using a flexible payment schedule or not, Circa supplies positive credit reporting to TransUnion on behalf of property owners. Circa only reports positive payment activity, and there is no need for the resident to do anything.

Payment history makes up about 40% of an individual’s credit score while length of payment history makes up about 21% of the score. Good credit can help people secure better rates on insurance, better interest rates on car loans and credit cards, a future mortgage, and many other benefits that are key to upward mobility, as per the press release.

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Keywords: credit scoring, partnership, TransUnion, lending
Categories: Payments & Commerce
Companies: Circa, TransUnion
Countries: United States
This article is part of category

Payments & Commerce




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