Esusu is a rent relief fund that will pay three months of your rent on an interest-free loan. We at EasyHomes have partnered with them to help our families better when they need it. All payments put toward this loan will be reported to the credit bureaus, which will boost your credit score significantly and may lead you to be able to refinance your loan at a lower rate. It is a quick and easy signup process. All you need is an active bank account, verification that you are purchasing your home through the EasyHomes program, and a valid form of identification. Below are the requirements to qualify for Esusu and information about why building credit is vital in our family's journey to becoming a homeowner.
To qualify for Esusu you must meet these requirements:
● Be late three months or less on rent payments ($5K max)
● Able to repay the loan in 12 months or less
● Submit a complete application with SS# or Tax ID via rentrelief.esusurent.com
● Complete a second banking verification step
Please note, that the above makes an applicant eligible to be approved, but does not guarantee approval.
How Credit Reporting Works
Credit Reporting allows residents to improve their credit scores by making their on-time rent payments. Esusu reports only on-time rent payments to the three major credit bureaus: Equifax, Experian, and TransUnion. Esusu does not report any negative information to the credit bureaus. If a resident misses a month of on-time payments, they automatically opt out of Rent Reporting. After six months, you can re-opt into Rent Reporting by contacting rentsupport@esusu.org. Esusu reports rental payments to better serve residents and help them build up their credit histories. Rent reporting is relatively new, but initial studies show that approximately 75% of residents see credit score improvements if their on-time rental payments are reported to the credit bureaus.
Why Credit is Important
A credit score is a three-digit number representing your "creditworthiness" - it's like a grade that assesses your ability to repay debt. Banks and other financial institutions use your credit score to determine whether or not they feel confident lending money to you. Scores can range anywhere from 300 to 850, and the higher your score is, the more likely you will qualify for financial products at lower interest rates. In the United States, credit is your lifeline to the financial system. Having good credit makes it easier to achieve important milestones, like renting an apartment, refinancing student loans, buying a car, or getting a mortgage for your first home. Conversely, having bad credit or no credit makes all those things harder.