Updated: Sep 20
Are you a renter in the state of Delaware? Do you ever wonder why your on-time rent payments aren't helping you build credit? Well, we have some exciting news for you!
The Delaware State Housing Authority (DSHA) has teamed up with NeighborGood Partners and Self Financial, Inc. to launch the Delaware Tenant Rent Reporting Pilot Program. This program aims to empower tenants by reporting their on-time rent to all three major credit bureaus, Equifax, Experian, and TransUnion, at no cost. Utility and cellphone payments are reported to TransUnion as an added benefit to build credit.
In this blog post, we'll dive into the importance of rent reporting and how this no-cost program can benefit you.
Why Rent Reporting Matters
Renting a home is a significant expense for many individuals and families, yet rent payments have historically not contributed to building credit. This has left countless responsible individuals without a way to demonstrate their creditworthiness. The Delaware Tenant Rent Reporting Program seeks to change that by recognizing the importance of rent payments and their role in an individual's financial history.
Giving Credit Where It's Due
Imagine getting credit for something you're already paying for—your rent! The program understands that your financial responsibility in paying rent on time should be acknowledged and rewarded. By reporting on-time rent and utility payments, this program allows you to establish a history of responsible financial behavior.
Who Qualifies for the Program?
To qualify for this exciting opportunity, you must meet certain criteria:
You are currently renting in the State of Delaware.
You have a banking account and online access to it.
You have a housing voucher or live in a public housing unit operated by DSHA, Dover Housing Authority, Newark Housing Authority, New Castle County Housing Authority, or Wilmington Housing Authority — OR
Your income falls within the specified limits, which are designed to include individuals and families who can benefit the most from this program.
If you meet these qualifications, you are eligible to participate in the Delaware Tenant Rent Reporting Program.
What You Can Expect
Participants in the program will enjoy a host of benefits from Self Financial, Inc. and NeighborGood Partners:
Credit Reporting: You will receive 12 months of free access to a service that links to your bank account and automatically detects your rent and utility and cellphone payments, reporting them to major credit bureaus. This helps establish a positive history of on-time payments.
Past Payment Reporting: With an active subscription and meeting eligibility requirements, you can report up to 24 months of past rent payments to credit bureaus and past utility payments to TransUnion.
Credit Insights: Access to your credit score and monthly credit insights will help you understand and improve your financial standing.
Credit Alerts and ID Theft Insurance: Stay informed with credit alerts and enjoy the peace of mind that comes with ID theft insurance.
Financial Counseling: NeighborGood Partners offer you the option to enroll in financial counseling or coaching to help you make informed financial decisions.
Participation in the Delaware Tenant Rent Reporting Program is entirely voluntary. It's important to note that LevelCredit by Self will not report missed payments to the credit bureaus. If a rent or utility payment is not detected for a particular month, no information will be provided to the bureaus for that month.
Secure Your Spot Today
The no-cost pilot has limited spots available, so don't miss out on this fantastic opportunity to build your credit by simply paying your rent and utilities on time. NeighborGood Partners and DSHA are committed to helping you achieve financial stability and success. To secure your spot in the program and begin your journey to a brighter financial future, reach out today.
At NeighborGood Partners, we believe in rewarding responsible tenants and helping you take control of your financial destiny. Don't let your rent payments go unnoticed—
let's build your credit together!