CredHub CRaaS is a Credit Reporting SaaS platform that allows developers and
platform service providers to integrate rent reporting into their applications. This can be
helpful for property management systems, payment portals, or any company that has
access to residential rental data.
CredHub CRaaS offers several benefits including:
Simplified rent reporting through an API, user-friendly dashboard, and dedicated
customer support
Reduced payment delinquency, lower outstanding receivables, and improved
post move-out collections for property managers and landlords
Improved financial health and satisfaction for residents
New revenue stream for platform providers
Our platform conforms to the Consumer Data Industry Association’s standards for
preparing data in the Metro 2 standard. Using an extensive set of validation rules, the
platform ensures data will be validated, cleaned, and prepared to send to any of the
major consumer reporting agencies. Metro 2 compliance checks ensure that account
information meets the latest reporting standards and laws, as per the Metro 2 Credit
Reporting Resource Guide. These checks verify that account statuses, dates, and
balances are accurate and up to date. Non-compliant accounts risk rejection by the
bureaus.
The Metro 2 Format is a standard format accepted by all consumer reporting
agencies enabling the reporting of accurate, completed, and timely credit information.
The Metro 2 Format meets all the requirements of the Fair Credit Billing Act (FCBA), the
Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA) and all
applicable state laws.
CredHub automates the process of generating Metro 2 files for streamlined reporting.
It can also adapt to formatting changes required by different bureaus. CredHub reports
to all major credit bureaus including Experian, Equifax, TransUnion, and Innovis. They
also verify tradeline accuracy and provide detailed furnishment outcome statistics.
CredHub can automatically detect and apply data changes from the system. It also
synchronizes bureau and core system data to update tradelines as needed.
CredHub helps manage credit disputes across all three bureaus. They also provide
prompt and effective support for both platform providers and residents.
CredHub handles credit bureau audits on behalf of platform providers and their
expert team ensures compliance with up-to-date FCRA requirements.
Yes, CredHub supports all company types, status and type codes, comment codes,
compliance condition codes, Consumer Information Indicators, 24-month payment
history, and all appended segments, including up to 6 co-signers/co-makers. CredHub is
ideal for handling any bureau-approved reporting scenario.
Yes, you will receive all platform feature updates as well as revisions made by the
CDIA at no additional cost and without any required effort.
For most residents, rent is the largest monthly payment. Every resident should be getting credit for paying rent on time and be rewarded by having that payment improve their credit score. Rent is one of the fastest ways to increase a credit score, with an average increase above 40 points and some as high as 100 points depending on where an individual is in the FICO scoring matrix. This translates into additional financial freedom for the resident. A higher credit score can result in lower interest rates for a loan (e.g. car, home), additional qualifications for credit cards, higher limits on credit cards, and lower insurance rates. A higher credit score can even help get a job, as it is viewed as an element of risk to an employer.
Yes. CredHub can legally report up to 24 months of past rental payments if necessary
Credit score websites such as Credit Karma and FreeCreditScore.com are delayed several weeks obtaining new information. A credit report drawn directly from the credit bureaus will reflect new payment information within a few days.
Since this is the first-time credit bureaus have seen payment history for rent, it is viewed as new debt. Like buying a new house or car, the credit score may see a slight drop initially however, it will level out and increase as more on-time payments are made.
CredHub handles all questions and disputes with your residents. We have an all access website at www.credhub.com, can be reached by phone at 1-833-888-CRED, or by email at [email protected]. If a correction may be needed on information that was inadvertently submitted to the credit bureaus, we will handle resolution for the resident.
CredHub seamlessly and securely extracts the rental payment data each month from their partners property management systems. We upload it to our portal, where all you need to do, property manager, 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.
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.
Property managers and landlords of all sizes can now have a relationship with the major credit bureaus by partnering with CredHub. CredHub does have a 50 unit minimum to get started.
CredHub will do the work to get your company up and running with the credit bureaus. It takes approximately three to six weeks to establish a tradeline
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 website at www.credhub.com, can be reached by phone at 1-833-888-CRED, or by email at [email protected]. If a correction may be needed on information that was inadvertently submitted to the credit bureaus, we will handle resolution for the resident.
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.
We have partnered with InfoArmor (by Allstate) to provide ID theft protection and resolution 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.
Our services have a set fee as we offer two programs. Some 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.
