January 23, 2022

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How FrontLobby Puts Renters in the Driver’s Seat When It Comes to Their Credit Scores

FrontLobby has a single mission: to improve the lives of landlords, tenants, and property managers alike. One way they achieve this is by allowing renters to use their monthly rent payments, often the largest expense they pay each month, to help build their verified rental history and improve their credit at the same time.

Here’s what you need to know:

FrontLobby has Two Primary Functions

Not only does FrontLobby help great landlords find great tenants, they also enable both parties to report rent payments to major credit bureaus.

So, how does this help renters? In many ways, but here are some of the most important:

  1. FrontLobby reports rent payments to Equifax, helping renters establish a positive credit history for something that would not ordinarily appear on a credit report.
  2. FrontLobby regularly reports to Landlord Credit Bureau, a credit reporting agency. Each month’s on-time rent payment shows positive rental habits to future landlords.
  3. Renters are rewarded each month for paying on time. While this has obvious advantages for landlords, it also greatly benefits tenants, helping renters plan monthly expenses and prioritize their credit through consistent rent payments.
  4. Allows those new to the country or to credit to build their credit profile without taking on additional debt. Historically, this has been reserved only for those with mortgages. But, FrontLobby works to correct this inequality, helping renters gain access to the same credit-building benefits as homeowners.
  5. Helps renters build good credit faster by elevating rent payments to the same level as consumer loans and credit card payments. A new tradeline on a credit file and a positive payment history are factors that help boost credit scores.
  6. Saves money and helps unlock good credit rewards. A higher credit score saves money by reducing interest rates when people take out loans for essentials. It can even help build credit scores to the point needed to buy a home and stop paying rent altogether.
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The bottom line? FrontLobby places renters in the driver’s seat when it comes to managing their credit score. Timely payments each month reflect well and can help renters grow and boost their credit score, something traditionally reserved for homeowners. Missed payments, late payments, and evictions, on the other hand, can drive scores down, which is something most renters would like to avoid altogether.

FrontLobby Improves Renting for Everyone

It isn’t just renters who enjoy the many benefits of using FrontLobby’s services. Landlords and property managers benefit as well. This unique tool encourages renters to make payments on time each month, reducing the need to track down missing or late payments and saving many landlords from the hassle and expense of evicting tenants who are behind on their rent.

Offering rent reporting to potential tenants provides each prospect another reason to choose you and your property. In the long term, this can translate into lower turnover rates throughout your rental units and a stronger reputation as an “in-demand” landlord, as tenants will be lining up to rent from you once word gets around. Everyone wins with FrontLobby.

About FrontLobby

FrontLobby‘s mission is to empower the businesses and lives of landlords and property managers while enriching the lives of responsible tenants.

FrontLobby provides the means and tools for landlords to attract great tenants, reduce the frequency and impact of delinquencies, and drive operating efficiencies while providing tenants -those seeking to establish or rebuild credit- an effective way to improve their credit.

In doing so, FrontLobby enables landlords to increase revenue while decreasing the time it takes for responsible tenants to unlock and access future credit-related rewards for themselves and their loved ones.

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