Investment Will Support Credit Options for Underbanked Consumers
ATLANTA, Jan. 28 /PRNewswire/ — The Center for Financial Services Innovation (CFSI), the leading nonprofit organization encouraging the financial services industry’s efforts to support underbanked consumers, has made an equity investment in RentBureau to enhance the use of its proprietary data for enabling consumers to secure credit, announced Eric Hartz, RentBureau CEO.
RentBureau is the first national online system collecting current rental payment histories, and providing that information to the multifamily and credit industries.
CFSI’s investment in RentBureau was made through its Catalyst Fund. The Fund, a private equity limited partnership, was developed in July 2007 to invest in financial services companies and solutions focused on enabling underbanked consumers.
As part of its partnership with RentBureau, CFSI Associate Director Arjan Schutte will join RentBureau’s Board. In addition, RentBureau executives participate in CFSI’s programs, such as the recent Business Match forum for senior level executives.
“The value of RentBureau is the clear mechanism it provides underbanked consumers, through rental histories, to demonstrate a consumer’s willingness and ability to pay future lenders. This financial reporting exemplifies the goals of our initiative,” said CFSI’s Schutte. “We believe our investment in RentBureau will help more consumers gain access to more affordable credit.”
Noted Eric Hartz, “CFSI’s investment is further proof of RentBureau’s value beyond serving as a strategic resource to the multifamily industry. Especially in this economic environment, apartment residents deserve credit — literally and figuratively — for past and current rental payments. RentBureau ensures their good standing by expanding our products and services to the credit industry. Having CFSI as a partner broadens our impact and potential.”
RentBureau is the first national system providing accurate and current rental payment histories of apartment residents and applicants. Every 24 hours, RentBureau automatically and securely collects resident rental payment information from its members’ existing property management software and provides that data through its National Rental Data Exchange (NRDE(R)) database. RentBureau data is used in the multifamily industry to enhance decision-making and by the credit industry to identify and support worthy consumers. RentBureau is committed to creating opportunities for underbanked consumers; RentBureau's research and analysis is used by nonprofit organizations, agencies and corporations to develop additional services that support these deserving apartment residents.
The Center for Financial Services Innovation, a nonprofit affiliate of ShoreBank Corporation, facilitates financial service industry's efforts to offer underbanked consumers across the economic, geographic and cultural spectrum. It provides funding and resources, enables partnerships, and identifies, develops and distributes authoritative information on how to respond to the needs of the underbanked profitably and responsibly. CFSI works with banks, credit unions, technology vendors, alternative service providers, consumer advocates, and policy makers to forge pioneering relationships, products and strategies that will transform industry practice and the lives of underbanked consumers. For more information on CFSI, go to www.cfsinnovation.com.
Todd Scott – Himmelrich PR
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