Comptroller Stringer and Community Partners Announce Launch of Largest to Date ‘Making Rent Count’ Pilot Program
New York City Comptroller
In collaboration with community partners and service providers, including
"New Yorkers don't think of their credit score as just a number. Instead, it's the car loan they can't get, the cell phone bill which is too expensive to pay, or the apartment they didn't qualify for," said Comptroller
"Good credit is a powerful resource. The Rent to Build Credit program enables Ocean Bay residents to use housing as a platform for opportunity and invest in their financial future," said
"Good credit is crucial to financial stability," said
"
"This program is the epitome of what public housing represents," said Council Member
As part of the program, residents of Ocean Bay will be able to draw on individual and group credit counselling and financial education offered by Urban Upbound, a Queens based credit union. These services will allow residents to make informed choices about their participation in the program and to better seize control of their credit profile.
The benefits of incorporating rent payment information into credit files are detailed in the Comptroller's
* Raise credit scores for 76 percent of
* More than half (57%) would see their score rise between 1 and 10 points;
* Nearly one in five (19%) would have their score boosted by 11 points or more;
* 18 percent would see no change at all;
* Just 6 percent would see a decline in their scores.
* Provide nearly 30 percent of renters with a credit score for the first time. The average new score for these mostly low-income renters - now categorized as "invisible" or "unscorable" because of the relative dearth of financial information in their credit files -- would be a prime score of 700.
To read the announcement of NYC's first pilot "Making Rent Count" program, click here (https://comptroller.nyc.gov/newsroom/press-releases/comptroller-stringer-announces-nycs-first-making-rent-count-pilot-program/?utm_source=Media-All&utm_campaign=41fbfedfa7-EMAIL_CAMPAIGN_2017_12_08&utm_medium=email&utm_term=0_7cd514b03e-41fbfedfa7-).
To read the Comptroller's "Making Rent Count" report, click here (https://comptroller.nyc.gov/reports/making-rent-count/overview-rent-credit/?utm_source=Media-All&utm_campaign=41fbfedfa7-EMAIL_CAMPAIGN_2017_12_08&utm_medium=email&utm_term=0_7cd514b03e-41fbfedfa7-).
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