Rent reports to help residents build credit by paying rent on time
NEW YORK, November 2, 2022 /PRNewswire/ — Take covera leading provider of insurance technology for multi-family operators, managers, residents and distribution partners, today announced the launch of its new credit monitoring product.
Get Covered’s credit monitoring tool will help residents build their credit scores by reporting on-time lease payments to major credit bureaus and will report up to 24 months of past payments. Rental reports have become a top tier piece of equipment in apartment communities and help ensure on-time rent payments, help build resident loyalty, and increase NOI for apartment owners and operators.
“Many residents value rent payment credit reports as a modern apartment amenity and we are excited to roll out this new feature for our customers and their residents,” said brandon tobman, CEO of Get Covered. “Rent reports have incredible benefits for residents and operators. Not only do they entice residents to pay on time and help them credit themselves with one of their biggest monthly expenses, but they also attract more responsible tenants and reduce evictions and turnover.
According to TransUnion data, 97% of tenants find rent reports a good way to build credit and 67% prefer apartment communities that offer rent reports over other options. Seventy-three percent of tenants are more likely to pay their rent on time when the rent is declared. While attracting more responsible tenants and increasing on-time payments, rental reports create an ancillary revenue stream for operators through beneficial equipment and increase NOI.
In addition to credit monitoring, Get Covered is also launching an identity theft protection package that will notify residents via text or email whenever suspicious activity is detected. With a premium plan, residents will simultaneously be able to build their credit while protecting it in the event of identity theft or fraud.
Get Covered also partners with Embrace Pet Insurance to provide a full range of pet health insurance coverage. Get Covered’s pet insurance policies provide coverage for accidents, illnesses, dental issues, cancer and more. In addition to comprehensive pet health insurance policies, Get Covered will offer Wellness Rewards, a flexible preventative care plan that reimburses daily veterinary, training and grooming costs. The added benefit rewards pet owners for proactive care.
“Rent is the biggest expense for residents and historically they haven’t been able to improve their credit rating through payments that can have a very big impact,” Tobman said. “The Rental Report is a unique amenity that differentiates apartment communities from others and truly sets residents up for success while helping them build financial security. In return, operators get more timely payments, have responsible residents in the longer term and see a decrease in their evictions.”
Get Covered provides insurance technology products and services for the multifamily industry that make buying, selling and tracking insurance as easy and transparent as possible. Modern tenants can research various policies and make a personalized purchase in minutes while operators can easily monitor residents’ policies to certify compliance.
About being covered
Get Covered builds software solutions for the property insurance industry and acts as a bridge between insurance and real estate. Customers include insurance companies, insurance agencies, property managers, landlords and member associations who offer our insurance products to their customers, residents or members. For more information, please visit shake.io.
View original content to download multimedia: https://www.prnewswire.com/news-releases/get-covered-launches-credit-reporting–monitoring-product-to-help-residents-build-their-credit- 301665885. html