We are thrilled to announce an exciting new partnership that will improve financial health and bridge the racial wealth gap for families and individuals living in our communities. Wesley Housing has joined forces with Esusu, a leading financial software as a service (SaaS) platform that offers on-time rent reporting and rent relief assistance to eligible residents.
Today, countless individuals and families, particularly the low- to middle-income households, have poor credit scores or are credit invisible—meaning they have no credit at all. This situation dramatically limits credit worthiness and wealth building opportunities such as home ownership. Through this new partnership, Esusu will positively report on-time rental payments to major credit bureaus (Equifax, TransUnion, and Experian) to help residents build or establish credit for the first time, simply by paying their rent on time. Similar programs have seen an average credit score improvement of 25-50 points within three months.
“I’m excited to find new ways for us to help build up our residents to not only assist in their financial stability, but also their upward financial mobility,” said President/CEO Kamilah McAfee.
All Wesley Housing owned and operated property residents are automatically enrolled in this program, with the option to opt out at any time.
In addition to rent payment reporting, Wesley Housing residents will also have access to rent relief funds to navigate financial emergencies. Through Esusu’s rent relief program, residents will have the opportunity to apply for 0% interest free loans, up to a maximum of $5,000, regardless of immigration status or credit score.
By creating opportunities for wealth-building and establishing credit, we can help ensure residents’ backgrounds and financial histories will not determine their future.