Absolutely not. CredHub handles all of the communication with and reporting to the credit bureaus.
When a resident’s payment is 15 days delinquent, CredHub reports it to the credit bureaus as late. If a resident’s payment reaches 45 days delinquent, CredHub reports it to the credit bureaus as skipped.
CredHub seamlessly and securely extracts the data each month. We upload it to our portal, where all you need to do each month is review it. It takes less than 15 minutes per month. After you have reviewed data, the information is automatically transformed into each bureau’s proprietary format and reported to the credit bureaus. For more information, please review the How It Works page.
The CredHub platform is flexible, scalable, and can work with any property management system. We can even work with excel spreadsheets if there is no rent roll system.
For property managers who manually review and approve negative payment reporting, it takes approximately 5-15 minutes a month depending on the number of units in your property/properties.
On the other hand, if you enable automatic approval, you don’t have to spend any time at all on a monthly basis.
No, with CredHub, every resident’s payment (or late payment / non-payment) is reported every month. Allowing residents to opt out defeats much of the purpose of credit reporting, especially with regards to reducing delinquency. Naturally, the residents that opt out are the ones who are least likely to pay on time.
Other solutions allow residents to opt in/out, and they tend to have a very low opt-in rate.
CredHub is credentialed to report to Equifax and TransUnion. Critical to CredHub helping reduce payment delinquency for property managers is reporting late and skipped payments. Both Equifax and TransUnion accept late and skipped payments as a factor in resident credit scores.
No. CredHub will work with your company no matter the size. Property managers and landlords of all sizes can now have a relationship with the major credit bureaus by partnering with CredHub.
CredHub will do the work to get your company up and running with the credit bureaus. It takes approximately six – eight weeks to establish a tradeline.
Our services have a set fee. Most of our clients charge an additional monthly reporting service fee providing additional revenue per resident or include our services in a larger resident amenity package. In addition, adding CredHub services reduces delinquency lowering outstanding balances plus lowers eviction and collection costs.
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection of consumers’ credit information and access to their credit reports. It was passed in 1970 to address the fairness, accuracy, and privacy of the personal information contained in the files of the credit reporting agencies. CredHub is FCRA compliant.
CredHub also monitors all reporting recommendations provided by the Consumer Data Industry Association (CDIA) and interpreted by Equifax and TransUnion. In addition, we monitor state regulations in all the locations in which our clients do business.
CredHub monitors all reporting recommendations provided by the Consumer Data Industry Association (CDIA) and interpreted by Equifax and TransUnion. These reporting guidelines monitor all Fair Credit Reporting Act changes and are paralleled to comply with Federal and State eviction moratoriums. In our system if a payment is made, the financially responsible party will receive positive payment credit. If the payment is delinquent it is being added as a neutral in the monthly remark category. A neutral remark will not affect an individual credit score negatively however, no credit will be given for a payment that is not made. Post pandemic, there will be an option to use the negative reporting which will impact the individual’s credit to ensure rent remains a priority to pay of all outstanding debts.
CredHub’s end-to-end platform leverages an encryption process using symmetric key encryption and a 256-bit Advanced Encryption Standard (AES) algorithm that uses CBC mode, and a randomized, 128-bit initialization vector (IV) to encrypt field-level data, as well as any stored files.
In addition, we maintain real-time audit logs to track key changes to sensitive information or access to PII, including the date, time, nature of change, etc. Securing your information is a top priority. Our service agreement specifically states that although we have access to sensitive materials we will not store, sell or distribute materials to anyone outside of our company and processing partners.
Our flexible platform allows the property management company to choose the monthly pull date as well as the threshold amount that is decided upon to be reported as negative. For example, elect to report no one negative if they owe you less than $100, we have the flexibility of setting that threshold number monthly. It takes seconds each month to point and click in our portal of information any resident that you would not like to report as negative, despite the fact they may owe more money than configured threshold.
CredHub handles all questions and disputes with your residents. We have an all access webite at www.credhub.com, can be reached by phone at 1-833-888-CRED, or by email at firstname.lastname@example.org. If a correction may be needed on information that was inadvertently submitted to the credit bureaus, we will handle resolution for the resident.
We have partnered with InfoArmor (by Allstate) to provide ID theft protection and resolutions services. Services include dark web monitoring, credit alerts, lost wallet protection, highly trained and certified recovery experts, and 24/7 U.S.-based customer care.
Reporting residents’ largest monthly payment to build their credit score can save them thousands, even tens of thousands, on future purchases. This increased FICO score leads to lower interest rates, higher credit limits and additional lending resources.
Yes. You can exempt reporting for a specific resident at any time, for any reason.
CredHub begins reporting payments for all of your residents from day one. However, we don’t start billing you until a resident has signed a new lease.
When a resident’s lease renewal comes up, you add the monthly fee to the new lease at whatever rate you decide (most owners charge $5 – $10 per month per resident). Only then does CredHub begin charging you for reporting that resident’s payments (at a rate of either $3 or $5 per month, depending on whether you choose to include ID theft protection along with credit reporting).