Esusu and Campus Apartments Partner to Advance Wealth-Building Opportunities for Students – Yahoo Finance
Esusu Financial Inc.
Partnership will help over 21,000 students establish and build credit
HARLEM, N.Y., Sept. 22, 2022 (GLOBE NEWSWIRE) — Esusu, the leading financial technology company leveraging rent reporting for credit building, and Campus Apartments, one of the nation’s largest providers of on- and off-campus student housing, announced today a new partnership to make Esusu’s rent reporting platform available to Campus Apartments’ full portfolio. Esusu reports on-time rent payments to the three major credit bureaus (Equifax, Transunion, and Experian) to establish and boost credit scores for residents.
The partnership will help students living in Campus Apartments’ housing properties establish a financial identity and forge the path to a strong financial future. Campus Apartments partnered with Esusu to provide rent reporting access at no cost to students, who can leverage the platform’s automatic 24-month look-back feature to immediately establish or see improvements to their credit scores, given that on-time rental payments are a key indicator of financial stability. The credit-improvement benefits can be shared with up to seven individuals, which enables all roommates to improve their financial health.
“Esusu and Campus Apartments are providing access to credit and wealth-building opportunities for thousands of students across the country who have previously had limited options to build credit and establish their financial footprint,” said Wemimo Abbey and Samir Goel, Co-Founders and Co-CEOs of Esusu. “This partnership is designed to create a financially-stable entry point to credit building for students. Our goal is for every student to graduate with a degree in one hand and a great credit score in the other.”
For over six decades, Campus Apartments has offered a higher standard of living and differentiated amenities that appeal to students and parents alike. Implementing Esusu’s rent reporting platform will enable Campus Apartments to continue strengthening its commitment to students. Although Gen Z (ages 18-24) Americans are money and credit-conscious, a 2021 Experian study showed that the average FICO score for Gen Z was 679, while the national score was 714. Historically, this age demographic has had limited opportunities to build credit in a responsible manner, which this partnership is designed to elevate.
The implementation of the CARD Act (Credit Card Accountability, Responsibility and Disclosure Act) in 2009 has made it difficult for students to obtain credit cards, the easiest entry point to building credit. While this law protects students from making poor financial decisions, it calls out the need to have alternative ways for students to establish their credit scores – especially for those who do not have a co-signer available to them. For those that do have a co-signer or …….