Rent Payments Build Credit: Easier Path to Homeownership.
This bill mandates that owners of large apartment buildings with federally backed mortgages must offer tenants the option to report on-time rent payments to credit bureaus. If a tenant consents, this positive payment history (up to 24 months) must be considered when applying for federally insured mortgages. This aims to help renters establish a strong credit profile, making it easier for them to qualify for home loans.
Key points
Landlords with federal mortgage backing must offer tenants the ability to report positive rent payments to credit agencies.
Reporting is voluntary for the tenant and can include up to two years of past on-time payments.
Positive rent history must be factored into applications for FHA-insured mortgages.
Federal enterprises (like Fannie Mae and Freddie Mac) will cover the administrative costs of this reporting.
Status:
Expired
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