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☆ Paying rent usually won't boost your credit score. Here's what renters need to know to make it count
▼ + stars: | 2024-01-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Luis Alvarez | Digitalvision | Getty ImagesWhile rent payments do not traditionally affect your credit, a growing number of so-called rent-reporting services are trying to change that. But these services don't all operate the same way, and some may have less value for renters. There are also services geared to landlords that offer rent reporting for tenants, including ClearNow, Esusu and PayYourRent. Landlords usually shoulder the cost of these programs, but there may be processing fees depending on how you make your rent payments. When rent payments are included in credit reports, consumers see an average increase of nearly 60 points to their credit score, according to a 2021 TransUnion report.

Persons: Luis Alvarez, —, Matt Schulz, Michael Sherman, Schulz Organizations: Digitalvision, Finance, Zillow, Zillow Group

☆ Bank of America commits $500 million to funds led by minority, women entrepreneurs
▼ + stars: | 2023-06-15 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, June 15 (Reuters) - Bank of America Corp (BAC.N) on Thursday said it has committed more than $500 million in equity investments to funds led by minority and women entrepreneurs, more than doubling from its initial commitment of $200 million. The bank has committed equity to more than 150 funds, which to date have invested in over 1,000 companies that span 40 states, it said. These companies are led by 1,500 diverse entrepreneurs and employ over 21,000 people. "As a company, we looked at how to support women and diverse entrepreneurs," Tram Nguyen, global head of Strategic and Sustainable Investments at Bank of America, told Reuters. "Each time we support a minority or women-led fund, they in turn support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance racial equality and economic opportunity," Nguyen said.

Persons: Nguyen, Nasir Qadree, George Floyd, Saeed Azhar, Chizu Nomiyama, Mark Porter Organizations: YORK, Bank of America Corp, Strategic, Sustainable Investments, Bank of America, Reuters, Capital Partners, Thomson Locations: Esusu

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). People with high credit scores are generally granted lower interest rates on credit cards, personal loans, and other types of debt. Generally, companies offer low-interest credit cards and better perks to people with excellent (800 or greater) or good (670 to 799) credit. Another strategy that experts recommend is to open new credit cards to increase your overall credit limit. Dispute items on your credit reportA credit report includes full documentation of your credit history, which then gets turned into your credit score.

Insider asked four CEOs of fintech companies for advice they'd give immigrants who are new to the US. Compared to someone born and raised in the US, immigrants face unique challenges when meeting financial goals. Insider spoke with four CEOs in the fintech industry who are immigrants or children of immigrants. Here are their five tips for immigrants trying to gain financial footing in the US. He also suggests working with a credit union to set up multiple accounts — for example, a checking account for everyday expenses, a savings account for future goals, and another savings account for your emergency savings fund.

☆ Esusu strives to help low-income buyers revive credit scores
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEsusu strives to help low-income buyers revive credit scoresCNBC's John Fortt joins 'Power Lunch' to share the story of Wemimo Abbey, co-founder of Esusu, a platform for helping low-income individuals build credit health.

☆ The 10 people transforming money — including leaders from Goldman Sachs, Esusu, and Mos
▼ + stars: | 2022-11-22 | by ( Business Insider | ) www.businessinsider.com time to read: 1 min

Wemimo Abbey, Cofounder, EsusuAlyssa Schukar/InsiderWemimo Abbey is cofounder of Esusu, which is expanding how Americans build credit by getting rental payments factored into credit scores. "We started Esusu on three core premises: No matter where you come from, the color of your skin and your financial identity shouldn't determine where you end up in the wealthiest country in the world — and dare I say, anywhere in the world," Abbey told Insider.

☆ How Freddie Mac is helping renters use their on-time rent payments to build credit and achieve homeownership
▼ + stars: | 2022-10-12 | by ( Sponsor Post | Created Insider Studios With Freddie Mac | ) www.businessinsider.com time to read: +6 min

In this challenging economic environment, Freddie Mac has implemented two new initiatives that can help strengthen renters' ability to build credit and achieve homeownership using their history of on-time rent payments. Yet, unlike homeowners who make regular mortgage payments, renters generally do not see their on-time rent payments reflected in their credit scores. Worse yet, the most common way rent payments impact credit scores are when missed rental payments go into collection. After enrollment, the renter's on-time rent payments are reported to the credit bureaus each month. Since Freddie Mac began this initiative last year, 86,000 households across more than 900 multifamily properties have enrolled.

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