YapStone announced RentPayment, its online and mobile payment solution for the apartment rental industry, will now report rental payment information using TransUnion’s Resident Credit. The integration with ResidentCredit will offer a prompt, seamless reporting process for property managers and residents.
A TransUnion analysis released in June 2014 found that approximately eight in 10 subprime consumers (79.1% of those with a VantageScore® 2.0 credit score lower than 641, on a scale from 501 to 990) may experience an increase in their credit score one month into a new apartment lease if rental payments were included on their credit report. Nearly 41% of subprime consumers may see their VantageScore increase by approximately 10 points or more after one month.
Using TransUnion ResidentCredit, RentPayment will submit data each month to TransUnion on rent payments made through RentPayment’s online or mobile solution by residents who opt-in to the service. This rental payment information will appear on a resident’s consumer files alongside their other financial obligations such as auto loans, credit cards and student loans.
YapStone develops tailored payment solutions to address partner needs and processes over $14B in payments volume annually. YapStone continues to be recognized for its growth, ranking on the Inc. 5000 list of Fastest-Growing Private Companies for seven consecutive years, and honored in 2013 and 2015 on Forbes’ List of America’s Most Promising Companies. YapStone has raised over $110 million from investors, including Accel Partners, Meritech Capital and Bregal Sagemount. YapStone is headquartered in both Walnut Creek and Santa Monica, California, with its international operations center in Drogheda, Ireland.
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