CPC and Esusu Partner to Empower Renters to Build Credit and Achieve Financial Stability Through On-Time Rent Reporting

CPC to offer Esusu’s rent reporting, analytics, and rent relief services to their network of borrowers with hundreds of thousands of tenants 

Partnership aimed at helping to close the racial wealth gap by allowing low-income renters to build credit scores through on-time rent payments

NEW YORK, NY – May 17, 2023 – The Community Preservation Corporation (CPC), a 49-year-old nonprofit multifamily finance company, has partnered with Esusu, the leading financial technology company leveraging rent reporting for credit-building, to provide the company’s innovative rent reporting, analytics, and rent relief services to CPC borrowers and their tenants. CPC currently services more than $3.5 billion in multifamily mortgages, and over the last decade has financed enough housing to support roughly 285,000 renters.

Today, the barrier to financial stability for many in the United States is their credit score or lack thereof. More than 45 million Americans are deemed “credit invisible,” meaning one in every ten adults has no credit history with one of the three credit reporting agencies: Equifax, Experian, or Transunion. The inability to build a credit score has been a generational barrier to growth and prosperity for many low-income renters, particularly in black and brown communities.

CPC and Esusu are committed to reducing the racial wealth gap by breaking down barriers to financial stability and generational wealth creation. By reporting on-time rent payments – often a person’s largest monthly expense – renters with poor credit scores or no credit scores can build a positive credit history and a chance at a stronger financial future.

“CPC and Esusu share a commitment to dismantling barriers and creating equitable financial access in underserved and underrepresented communities. This partnership provides a unique service that can help our borrowers improve property performance, and most importantly unlock economic opportunity and stability for the families who call those buildings home,” said Rafael E. Cestero, CEO of the Community Preservation Corporation. “We look forward to continuing our work with Esusu and our customers to empower their renters to build credit and take advantage of the upward mobility that a strong credit history can provide.”

“We are thrilled to partner with CPC and help advance credit and wealth-building opportunities for [thousands of] their customers’ residents,” 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 low-income renters, especially at a time when many are facing economic uncertainty.”

CPC is a nonprofit multifamily lender and investor with a mission-driven focus on affordable and workforce housing finance in underserved and underrepresented communities whose residents often face barriers to credit building.

Multifamily rental property owners who finance their properties with CPC will be offered the opportunity to access Esusu’s property management analytics and rent reporting services. Tenants’ on-time rent payments will be reported to the three major credit bureaus, allowing them to build a positive credit history. Those with positive rental payment history could see immediate results as the platform has an automatic 24-month look-back feature. The partnership would also allow residents the opportunity to access Esusu’s 0% rent stability program, which helps those at risk of missing a rental payment. As tenants pay rent and build credit, owners can increase on-time payments, prevent evictions, and lower vacancies.

If a person has poor credit or no credit score, it can significantly limit their access to financial services, and they are often subject to much higher rates when they do need to borrow money, impeding their opportunities to move out of poverty.

Establishing a positive credit score can improve a person’s long-term financial health, giving them access to easier credit approval, lower interest rates, and better loan terms for things like credit cards, car financing, future rental housing, small business loans, and homeownership opportunities.

In addition to earning credit improvement, renters will have access to the Esusu Renters Marketplace, where they can access other financial literacy and credit education courses to help support their path to financial independence and success.

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About The Community Preservation Corporation (CPC)

CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com , and on FacebookTwitter and LinkedIn.

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 3 million rental units across all 50 states in the United States. Learn more at www.esusurent.com and follow us on Instagram @myesusu and on Twitter @getesusu.