Experian adds US rental history to ‘Connect API’ for faster approvals

Source: Businesswire

In a move to empower American renters on their housing journeys, Experian, a global data and technology leader, announced a major enhancement to its Experian Connect API platform with the addition of RentBureau Consumer Profile. Now, renters can grant landlords and property managers who leverage Experian Connect API access to their credit and rental histories in real time to streamline the application process and increase their likelihood of qualifying.

The new enhancement allows consumers to grant landlords and property management companies access to their rent history and payment behaviour in real time during the application process via the industry’s leading rental history database, Experian RentBureau. At the same time, the enhancement eliminates the need for landlords and property managers to manually verify an applicant’s rental history, enabling them to save costs and approve applicants faster.

While Experian’s latest State of the U.S. Rental Housing Market Report shows roughly 60% of today’s renters have near-prime or better scores, Experian’s enhancement comes at a time nearly a quarter (23%) say they’ve been denied a mortgage or rental application because of their credit score.

With consumer-permissioned access to nearly 40 million renter profiles, Experian’s latest enhancement is especially impactful for consumers who may have limited credit histories but have a positive rental history. The integration reduces manual information entry for applicants and provides the opportunity to review and approve rental history information before it’s shared with landlords or property managers.

“Today’s renters face steep competition and rising costs — they need every opportunity at their disposal to stand out during the application process,” said Manjit Sohal, vice president of product management for Experian Housing.

“With our Experian Connect API platform and our new RentBureau Consumer Profile integration, we’re helping renters take control of their housing journey by enabling them to leverage their positive rental histories, while providing landlords and property managers with a fuller picture in real time.”

Experian Connect API

Launched in 2011, Experian Connect API brings secure, real-time credit and rental insights directly into digital platforms and application flows used by property managers and landlords. In addition to RentBureau Consumer Profile, the platform offers the following features and benefits:

• Identity verification: Authenticate customer identities and assess potential fraud without introducing friction.
• Consumer-permissioned data: Renters review and verify their credit and rental history before sharing, reducing disputes and ensuring transparency.
• Real-time reports: Leasing decisions can be made faster with instant access to verified Fair Credit Reporting Act (FCRA) regulated data.
• Comprehensive screening: Credit scores, reports and rental history are accessible via one secure API.
• Customizable user experience: Landlords and property managers retain control of the user experience, while embedding Experian’s functionality into their platforms.

As the mortgage industry transitions to modern credit scoring capable of leveraging positive rental payments, Experian’s investment enables renters to put their best foot forward should they choose to pursue homeownership. Lenders who use Experian credit reports will have the opportunity to qualify more mortgage applicants due to the positive rental information available exclusively at Experian.

Further reading: PayLaterr integrates Experian’s fraud prevention, alternative data solutions