Give ’em ‘credit’ for Bx. rent

HUNDREDS OF Bronx tenants will be able to use their rent payments to build up their credit score under a new program announced Thursday.

City Controller Scott Stringer is launching the pilot program with tenants of buildings owned by Banana Kelly Community Improvement Association, a nonprofit developer. More than 600 tenants living in their 27 buildings in the South Bronx will be able to opt in to have records of their rent payments sent to credit bureaus and added to their credit reports.

“We’re facing an affordability crisis, and we all know how soaring prices and skyhigh rents make life difficult for New Yorkers across the five boroughs. One of the hidden roadblocks to financial success is credit – and access to it. This innovative new program empowers tenants (and) helps level the playing field,” Stringer said.

Stringer released a report in October calling for all renters to be able to use their payments toward their credit score.

Typically, homeowners’ mortgage payments are counted — and so are missed rent payments if landlords report them in order to collect their cash. But on-time rent payments aren’t counted.

People with bad credit scores or none at all can have difficulty getting credit cards, car loans and mortgages, or face higher interest rates if they can get them at all. They also pay higher car insurance rates and can have more difficulty getting an apartment.