Till, the FinTech that provides a payment platform for renters, announced Tuesday (June 1) it has formed a partnership with Asia Capital Real Estate (ACRE) to launch Till Credit Builder.
The companies say the partnership will allow ACRE to expend rent reporting benefits to residents in multifamily properties around the country.
Till assists renters in building their credit history with each month they pay rent. The Credit Builder “reduces complexity for property managers by handling all interaction with the credit bureaus and taking on the compliance risk of reporting their renters’ payment history,” the companies said in a news release.
With the help of ACRE, landlords and property managers will be able to automatically report rent payments through the Till platform to the three credit bureaus by the end of the year, allowing renters to have an easier time creating credit profiles.
“We have seen incredible growth in demand for our Flexible Rent product. Now we are seeing renters and operators alike seeking new ways to improve their renters’ financial foundation,” said David Sullivan, Till founder and CEO. “This partnership highlights a movement in the rental industry, where operators are offering more service-focused amenities. We’re excited to launch Credit Builder with ACRE and aid the process of building a better financial future for renters.”
In an interview last year with Karen Webster of PYMNTS, Sullivan said the use of analytics and custom payment plans — which factor in lumpy income — could cut eviction rates in half. Till also offers its Rebond service, which lets renters begin repaying delinquent balances on a set schedule.
This partnership is a continuation of the work Till has done in extending its Flexible Rent product across the ACRE portfolio, where properties saw “significant boosts to delinquent renter performance,” Till said. “Properties enrolled up to 45% of residents contributing to a 71% reduction in bad debt for renters working with Till.”