DE renters see upwards of 30-point increases in credit score with rent reporting program

DELAWARE- Delaware renters have seen nearly 30 point increases in their credit scores thanks to the Tenant Rent-Reporting Pilot Program currently in service.

It pays up to 12 months of rent reporting to major credit bureaus for low-income families. Both the Delaware State Housing Authority and Neighborgood Partners are spearheading the program.

The goal is to have those payments help strengthen an individual’s credit history. The $200,000 funding the program comes from the American Rescue Plan Act and can support up to 400 participants.

The program launched back in January 2023 and now has around 100 participants.

Neighborgood Partners Consumer Services Director Denise Freeman tells 47ABC the program helps open up many possibilities for renters. “That one item reporting to the bureau may possibly enable them to now become a homeowner, or to purchase a car, or to be able to get a credit card because they now have increased their score,” Freeman said.

“If you are able to participate in this program there’s no charge. You’ll have your rent history reported to the bureaus and see your credit score increasing.”

There are different eligibility requirements, including meeting the income ratio and geographic location.

To find out more of if you qualify click here