Paying the rent on time will now give tenants at 27 South Bronx buildings a chance to improve or establish credit.
This is part of a new program that City Comptroller Scott Stringer and the Banana Kelly Community Improvement Association have launched, according to Crain’s. Stringer estimated that 57 percent of renters with credit history across the city could boost their score by up to 10 points under the program, and 19 percent could see it go up even higher.
The program is a response to statistics showing that the city’s lowest credit scores tend to be in areas with large black or Hispanic populations and large amounts of public housing residents.
A total of 600 tenants will be able to take part in the pilot program, and Stringer said in a statement to Crain’s that it “could ultimately be a game changer.” [Crain’s] – Eddie Small