Why is there no opt-out for RBP?
Rentor is providing the Resident Benefits Package to all tenants and co-signers as part of Rentor's management services.
Why Can I Not Opt Out Of RBP? For vendor compliance, Rentor must report all tenants and co-signers. Rentor cannot exclude certain tenants, nor offer an opt-out at this time.
There are three main reasons why the Rentor Resident Benefits Package is required for all market rent residential properties without opt-out:
#1 - CREDIT VENDOR REQUIREMENT: Rentor utilizes a vendor called CredHub, a credit Data Analytics and Credit Bureau Reporting Company to provide payment data to TransUnion and Equifax on a monthly basis with their RentCred program. Rentor also uses the vendor Appfolio to report to Experian RentBureau (so that you have all three credit agencies covered). These Vendors, that provide the credit building programs, require that all residents and co-signers are part of the program. You can learn more about CredHub at their website at www.credhub.com, by phone on 1-833-888-CRED, or by email at info@credhub.com. If a correction is needed with the credit bureaus, Credhub will handle that for you. You can contact Appfolio about Experian at Appfolio.com/consumer.
#2 - LEASE COMPLIANCE: If on the program, when you meet your lease payment obligations, your information will be reported to the Credit Bureaus and will help you in building a positive credit history. If you do not meet your rental payment obligations, as per your lease contract agreement, the late or unfavorable fact will be reported to CredHub and thereafter to the Credit Bureaus. This will also impact your credit and can affect your credit score.
Positively impact your future! It’s important to make sure that you are meeting your lease payment obligations on a monthly basis and throughout the term of your lease agreement. Reporting on-time rental payments can positively impact your credit score. Building a good credit history is important should you apply for credit in the future, such as to purchase a home or car.
#3 - COMMUNITY BENEFIT: For most residents, rent is their largest monthly payment. You should be getting credit for paying the rent on time, improving your credit score. Rentor does not guarantee reduced interest rates, but the credit building program may translate to potential savings for you. A higher credit score can result in lower interest rates for a loan (e.g. car, home), qualification for credit cards, higher limit on credit cards, and lower insurance rates. A higher credit score can even help you get a job, as it is seen as an element of your risk.