Today’s consumer alert is all about building credit. Without a credit score, you can’t get a loan. And without a loan, you may not ever be able to buy a house or a car. That’s the reality for one in five Rochester residents who have no credit history. Nationally, that number is one in 10.
Rochester has partnered with a national network of non-profits called “Credit Builders Alliance” (CBA), that helps people gain access to credit. CBA’s program allows renters’ on-time rent payments to be reported to credit bureaus. Three housing providers are currently participating: Rochester Housing Authority, Hart Homes and Rosey Property Management. Renters can choose whether to opt in. Participants will also get free financial counseling and can be assured that *only* their on-time payments will be reported. At a press conference on Monday, Rochester mayor Malik Evans addressed the importance of your credit score.
“I always joke that on my first date with my wife I asked her what her credit score was because you know that the credit score, regardless of whether you think it’s fair or not fair, allows you access to capital and access to capital allows you access to opportunity, said Evans.
The mayor cited statistics following the implantation of the program in Colorado showing that tenants in the program were far more likely to make their payments on time. Tenants there improved their credit scores by an average of 62 points.
Evans encouraged any landlords interested in participating to contact the city’s Office of Financial Empowerment or email Angela Rollins at Angela.Rollins@CityofRochester.Gov
Consumer Alert: New program to build credit with rent payments WHEC.com.
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