Rent Reporting Company Rebrands, Expands Scope
RentTrack, a Santa Barbara, Calif. and St. Louis Park-based rent credit reporting platform, is rebranding with a new corporate name, LevelCredit. The name change is designed to reflect the company’s new business plan to expand beyond rent reporting and build a credit score model that factors in other nontraditional but significant purchases, like utilities bills.
“Traditional credit score models focus on evaluating debt accounts,” said Matthew Briggs, founder and CEO of RentTrack, in a statement. “It’s time that we level the credit playing field for every consumer by reporting data to the credit reporting agencies that goes beyond what’s in a credit score today.”
Founded in 2013, RentTrack bills itself as the first rent reporting company to develop a relationship with all three major credit bureaus. This enables RentTrack users to report their rental agreement payments to creditors to build credit.
According to a RentTrack study, users who had credit scores below 600 saw their scores increase an average of 28 points after two.
About 45 million Americans either have no a credit score at all or “have a thin credit file,” Briggs said.
To help usher RentTrack into this new era as LevelCredit, the company has also hired a new president, Ian Cohen. Cohen most recently served as general manager and chief product officer at Experian Consumer, and was previously the CEO of Credit.com.
Cohen says that this updated business focus comes at a crucial time in the consumer credit data industry, as home ownership—a key source for building credit—is on the decline, especially for consumers below the age of 40.
“We now have a situation where 26 percent of adults don’t have a mortgage and therefore aren’t getting credit for their largest monthly expenses,” says Cohen. “Here at LevelCredit, we are excited to pave the way to help consumers get the credit they deserve.”
Cohen’s role will be to support LevelCredit initiatives in the property management and consumer spaces. He’ll also grow strategic partnerships—capitalizing on momentum from a Series A funding round completed in late 2018.
Established partners and customers will not have existing products or services impacted by RentTrack’s rebrand, the company says.