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MESA, Calif., June 24 /PRNewswire/ -- Experian, the global information services
company, today announced that it has purchased RentBureau, the largest and most
widely used credit bureau for the multifamily industry. The acquisition provides
Experian with the most comprehensive rental payment database to offer property
managers and resident screeners a more accurate and complete picture of renters.
It also offers renters an opportunity to build credit with continuous on-time
rental payments. "At
Experian, we see this acquisition as part of our ongoing efforts to capture the
total picture of a consumer's payment record," said Steven Wagner, president
of Experian Consumer Information Services. "We recognize the value that this
information being on file brings to non-credit-active, cash-based consumers, and
we intend to leverage Experian's brand and scale to grow this area of our business
quickly." RentBureau's
database receives rental payment histories every 24 hours from its national network
of apartment owners and managers, which currently includes more than 7 million
residents nationwide. Members of this network furnish their rental data to RentBureau
directly and automatically from their property management software. In return,
members receive immediate, centrally stored, integrated verification of new applicants'
payment history as part of their existing apartment applicant screening services.
Experian also will offer its resident screening partners this robust data to significantly
reduce the risk of skips, bad checks, evictions and property damage. Additionally,
the planned inclusion of rental history in credit files promises a great benefit
for renters, especially those among the United States' 50 million underbanked
consumers. RentBureau is the largest neutral repository available to all resident
screening companies to collect both good- and bad-performing rental histories,
allowing consumers to actually build or rebuild good credit by paying rent on
time as agreed. In the past, only a subset of negative rental behavior, such as
evictions and collections, were reported to consumer reporting agencies, and on-time
rental payments did nothing to boost a credit score. In the near future, rental
lease payments will be leveraged by consumers to qualify for new leases or other
financial products that they deserve. "Experian
is a world-class company that fully understands how rental payment data can help
the third of the U.S. population that rents improve their credit while simultaneously
helping the multifamily industry significantly reduce losses from bad debt,"
said Eric Hartz, president and CEO of DSI Holdings, LLC.
"This transaction
is the realization of our vision to make rental data meaningful inside and outside
the multifamily industry. Our current clients and partners will greatly benefit,
as will those that see this as an opportunity to use rental history data for the
first time." "MEB
has long been a supporter of RentBureau's twofold mission," said Jodi Sheahan,
principal of MEB Management Services and 2010 Chairperson for the Arizona Multifamily
Association. "RentBureau provided the property management industry with the
means to make more informed leasing decisions and supported the millions of renters
wanting 'paper recognition' for paying their rent on time as agreed month after
month. Experian has the potential to expand this opportunity for both parties,
and I am happy to see the company establish their leadership position." RentBureau
is the multifamily division of Atlanta-based technology company DSI Holdings,
LLC, formerly RentBureau, LLC. RentBureau will immediately become a part of Experian.
Operations will remain in Atlanta, Ga., and current RentBureau clients and partners
will not experience any disruption to service while the team quickly integrates
its operations with Experian over the coming months. The core team of founders
and executives that created RentBureau will continue operations through its Decision
Services International (DSI) division. DSI will continue to deliver data-driven
decision products and services, specializing in lending/credit and other consumer
transaction software, processes, payment and reporting capabilities. About
Experian Experian
is the leading global information services company, providing data and analytical
tools to clients in more than 90 countries. The company helps businesses to manage
credit risk, prevent fraud, target marketing offers and automate decision making.
Experian also helps individuals to check their credit report and credit score
and protect against identity theft. Experian
plc is listed on the London Stock Exchange (EXPN) and is a constituent of the
FTSE 100 index. Total revenue for the year ended March 31, 2010, was $3.9 billion.
Experian employs approximately 15,000 people in 40 countries and has its corporate
headquarters in Dublin, Ireland, with operational headquarters in Nottingham,
UK; Costa Mesa, California; and Sao Paulo, Brazil. For
more information, visit http://www.experianplc.com. Experian
and the Experian marks used herein are service marks or registered trademarks
of Experian Information Solutions, Inc. Other product and company names mentioned
herein are the property of their respective owners.
Contact:
Kristine Snyder
Experian Public Relations
1 714 830 5192
kristine.snyder@experian.com
SOURCE
Experian
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