Every month more than 1 in 3 households in the United States will pay rent. But, unlike homeowners, when renters make on-time payments, it likely doesn’t help them build credit.
This is one of the ways renters — a majority of whom are nonwhite and have lower incomes — are treated differently in our economy.
“Renters don’t typically get credit for on-time rent payments, though they can be penalized for late or missed payments,” said Richard Reeve, chief program officer at Credit Builders Alliance.
“A lack of credit or bad credit can really cost you, since you end up paying more for the same sorts of services than a person with good credit would. Poor credit costs low-income people an average of $200,000 over their lifetime. That’s higher than the racial wealth gap between Black and white households.”
Rent reporting addresses this inequity head-on.
According to Asset Funders Network, more than 73 million Americans pay more for loans because of their credit scores. Lower credit scores — or not having a credit score at all — can make it harder to build wealth that can be passed on to future generations. This is especially true for communities of color, which have been historically and persistently discriminated against by the financial system.
Reporting on-time rent payments to credit bureaus, also known as rent reporting, could:
The downstream effects of rent reporting can help reverse the widening wealth gap in the United States, which could in turn have a profound effect on health. Wealth provides people and families greater access to factors that promote good health, like safe and stable housing, healthy food, and reduced stress.
“Health is strongly affected by both wealth and income,” said Stephanie Ledesma, vice president of community health programs for Kaiser Permanente. “Everyone should have access to safe and fair financial products and services to help them save what they can, borrow when they need to, and build wealth for the long term.”
Kaiser Permanente is working with Credit Builders Alliance — an organization committed to closing gaps that lock millions of individuals with lower, invisible, or no credit out of the mainstream financial system — to increase access to rent reporting services.
In 2020, Credit Builders Alliance introduced a rent reporting program through the District of Columbia Housing Authority. Among the residents participating in rent reporting, 75% have seen an improvement in their credit score by an average of 29 points, 4 were able to establish a credit score for the first time, and at least 1 was able to realize her dream of homeownership.
As part of our efforts to strengthen equitable economic opportunity, over the next 2 years Kaiser Permanente will provide $450,000 in grant funding and technical assistance to help 60 to 80 organizations offer robust rent reporting and other credit-building programs to Americans with low incomes.
One of those organizations is Neighbor to Neighbor, based in Colorado. Our grant will help Neighbor to Neighbor cover rent reporting fees and help renters manage their finances.
“We’re really interested in breaking cycles of intergenerational poverty, which are so often tied to credit, access to owning a home, and financial literacy,” said Christy Hayes, director of community operations at Neighbor to Neighbor. “For less than $2 a month per person, our residents will have access to rent reporting, including credit building and financial education. It’s a small investment with so much potential.”
The 2023 Kaiser Permanente Southern California Community Health County …
Leading U.S. disability organizations recognize Kaiser Permanente for supporti …
Kaiser Permanente’s medical-legal partnership offers a lifeline for members …
In honor of National Voter Registration Day, we encourage everyone who …
These guidelines ensure we use artificial intelligence tools that are safe …
A $1.5 million Kaiser Permanente grant addresses Colorado teacher shortage …
To reduce barriers, Food Bank of the Rockies’ Culturally Responsive Food …
Funding from Kaiser Permanente in Washington helps to promote mental health, …
Kaiser Permanente employee Carrie Zaragoza volunteers for Special Olympics …
Fair360 names Kaiser Permanente to its Top 50 Hall of Fame for the seventh …
Prescription drugs are unaffordable for millions of people. With the right …
Health care leaders and policymakers should each play their part to help …
Black Americans experience worse health outcomes compared to other populations …
Greg A. Adams, chair and chief executive officer of Kaiser Permanente, …
Medical Financial Assistance program supports access to health care.
Bill Coggins, who founded the Kaiser Permanente Watts Counseling and Learning …
Kaiser Permanente physicians and medical students provide medical exams …
Kaiser Permanente offers financial assistance for people struggling to …
Kaiser Permanente opens medical offices and a new home for the Watts Counselin …
Kaiser Permanente’s Patient Advisory Councils help us create exceptional …
Kaiser Permanente celebrates inclusion at Special Olympics Southern California …
We offer housing-related legal help to prevent evictions and remove barriers …
Steady employment can improve a person's health and well-being. Our new …
To help develop talented, diverse community leaders, Kaiser Permanente …
The next phase for the Kaiser Permanente Center for Gun Violence Research …
A new location-based vaccine strategy by Kaiser Permanente was successful …
The Kaiser Permanente Southern California 2022 Community Health Snapshot …
The Kaiser Permanente Community Support Hub can help members find community …
Kaiser Permanente addresses the Supreme Court decision on LGBTQIA+ protections …
Kaiser Permanente addresses the Supreme Court decision on affirmative action …
Kaiser Permanente celebrated its sixth year as official health partner …
Kaiser Permanente's support of Inner City Capital Connections program helps …
The Achievable Foundation recognized Kaiser Permanente for its work to …
New climate collaborative with BSR announced at joint Kaiser Permanente …
The annual Seattle King County Clinic brings health care to low-income …
Kaiser Permanente supports Asian Americans Advancing Justice to promote …
Kaiser Permanente is working with community partners to reduce financial …
We value and respect employees and physicians of all backgrounds, identities, …
We strive for equity and inclusion for all.
Early women workers at the Kaiser shipyards diversified home front World …
Kaiser Permanente is confronting future health care staffing challenges …
When thousands of women industrial workers, often called “Rosies,” joined …
With the COVID-19 public health emergency ending, states, community organizati …
Kaiser Permanente launches new mobile health vehicle on Oahu.
With medical-legal partnerships, we’re helping prevent evictions.
A Kaiser Permanente program connects patients experiencing homelessness …
We’re partnering on 3 initiatives to strengthen public health in the United …
Kaiser Permanente’s partnership with Special Olympics Southern California …
Reentering society after serving time can land people in unhealthy situations. …
Organizations that receive this recognition improve communities, build …
Kaiser Permanente in Southern California partners with San Diego Wave Fútbol …
Kaiser Permanente awards $80,000 in grants for health policy and community …
New research shows blood pressure patterns early in pregnancy can identify …
Kaiser Permanente supports total health in our communities in partnership …
Kaiser Permanente supports 3 Hawaii-based nonprofits.
Kaiser Permanente invests $3.3 million to build healthy social connections …
Making key pandemic-era telehealth policies permanent and ensuring more …
To meaningfully improve health equity, we must shift our focus to outcomes …
Explore Kaiser Permanente’s commitment to equitable, culturally responsive …
We believe everyone has a right to good health.
A statement of support from Kaiser Permanente chair and CEO Greg A. Adams …
Kaiser Permanente announces $50,000 grant to Goodwill Hawaii.
Mobile dental and medical clinics are now available for uninsured individuals …
Strengthening America’s health care workforce
Debt, bad credit, and other money matters can affect a person’s physical …
Kaiser Permanente is working with community organizations and businesses …
We donated over $28 million worth of face masks, hand sanitizer, and other …
A statement from chair and chief executive officer Greg A. Adams.
Public policy changes and private investments together are needed to end …
Human Rights Campaign Foundation gives Kaiser Permanente another perfect …
Grants expand support for faith-based organizations working to protect …
Our principles of diversity and our inclusive care began during World War …
Kaiser Permanente’s partnership with Local Initiatives Support Corporation, …
In Henry J. Kaiser’s shipyards, workers were judged by their abilities, …
Equal medical care is not enough to end disparities in health outcomes.
Kaiser Permanente, Henry J. Kaiser’s sole remaining institutional legacy, …
Kaiser Permanente grants help fund community organizations working to expand …
Kaiser Permanente applauds the Food and Drug Administration’s commitment …
Kaiser Permanente research underscores the importance of culturally appropriat …
As vaccines bring hope to end the pandemic, Kaiser Permanente’s toolkit …
Forlorn and all but forgotten, it played a proud role during the World …
The organization’s Military Officer Transition Program helped Jennifer …
Kaiser Permanente supports California measure allowing universities and …
Good communication is key to good health. During Kaiser Permanente’s 75th …
Kaiser Permanente has actively hired veterans in all capacities since World …
From war-era labor-management committees to today’s unit-based teams, cooperat …
“We managed to ultimately break through that barrier.” — Kaiser Permanente …
Kaiser shipyards in Oregon hired the first 2 female welders at equal pay …
Mothers from the community came together to support families in Watts, …
Meet 5 outstanding doctors who advanced the practice of medical care with …
Women who worked in the Kaiser shipyards helped lay the groundwork for …
She is the oldest national park ranger in the country with a legacy of …
Henry J. Kaiser's commitment to the diverse workforce on the home front …
Health care takes root in Oakland, California.
Paul de Kruif, microbiologist and writer, provides early accounts of Kaiser …
She served as a role model and inspiration to the women physicians and …
When industrial workers joined the health plan, an integrated battery of …
Ellamae Simmons, MD, worked at Kaiser Permanente for 25 years, and to this …
Despite restrictive hiring practices after World War II, Kaiser Permanente …
The California Studies Association presents the Carey McWilliams Award …