Helping tenants improve their credit score

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Helping tenants improve their credit score

Paying rent has never been so rewarding.

Polaris Property Management is proud to announce our special program for tenants to improve their credit score simply by paying their rent.  Yep, you read this right.

Tenants pay their rent, and we report those payments to two of the three credit bureaus.   (We’re still working on the third bureau, but they don’t seem to like to play nicely with others.)

     

Now I know what you’re thinking….”Why in the world would we want to do this for Tenants?  It certainly falls WAAAAAAYYYYYY outside the scope of property management concerns, right?”

Well, not as we see it. Our company’s purpose is “Our Expertise. Your Goals.”

Here’s why this initiative fulfills this purpose quite nicely

When tenants have better credit scores, it means they can….

  • Have a better chance for credit card and car loan approvals.
  • Get better car insurance rates
  • Have higher credit limits.
  • Get lower total interest rates
  • Have reduced or waived utility deposits.
  • Get cheaper utility services
  • Have power to negotiate.
  • Qualify easier for a home loan.

“But Dan….Doesn’t this mean tenants will buy a home sooner, therefore cause Landlords a vacancy sooner than if their credit scores weren’t improved?”

Maybe, maybe not.  If someone wants to buy a home instead of continuing to rent a home, they are going to do that anyways.  In fact, the recent uptick these past 24 months have proven this factual cause/effect relationship as the national move-out ratio to buy a home vs move-out ratio to different rental address is materially higher than prior years.

Here’s the ultimate benefit to our Landlord Clients:

  • When tenants have better credit scores, they ultimately don’t have to pay as much in interest rates for car loans, credit card bills, and insurance premiums.  This frees up more of their monthly after-tax income to pay the rent.  It also frees up more of their monthly after-tax income for their personal goals and dreams.  Every Landlord wants two things from tenants:  for them to pay their rent and to take care of the property.  After these two things, everything else is gravy in Landlord’s minds, right?

With this special program, tenants win….and even landlords win.

Boom.  Mic Drop.

 

 

 

 

 

2018-09-27T15:45:00+00:00September 25th, 2018|For Tenants, Leasing, News, Property Management, Risk Management Tips|