Partnership between Black-owned app and bank helps Miami renters build credit
By partnering with the credit reporting app Esusu, OneUnited hopes to see its users build their credit based on their positive rental histories. The app reports consumers' monthly rental payments to credit bureaus to help them build credit.
'Historically, it has not been included,' Williams told the Miami Herald. 'They ding you when you pay your credit card 30 days late, but you may still be paying your rent every month on time.'
Esusu — an African word for an informal, community-driven financial system — was founded in 2018 by entrepreneur Wemimo Abbey, who was inspired by his experience of emigrating to America.
In 2003, Abbey emigrated to the United States from Lagos, Nigeria, with his family when he was 16. His mother didn't have a credit score at the time and fell victim to predatory lending, with some interest rates as high as 400%.
'I wanted to create a solution to help people lead their best financial lives,' Abbey said.
The app also provides financial literacy tools for users to build healthier financial habits. Esusu customers need a bank account to use the app and are encouraged to open accounts with OneUnited.
Williams and Abbey first met at January's BMe Conference in Miami and agreed that many Black people are saddled with debt and don't see homeownership as a possibility.
The inclusion of rental history is one way that Williams and Abbey believe Esusu can help consumers in a significant way. Since the app's launch, users have reported their credit scores increasing as much as 45 points, according to Williams.
Williams said she is hopeful the partnership will help Black residents create a more fruitful financial future for themselves.
'To us, this is exactly the kind of thing to do for our community,' she said. 'I think it's great for two Black-owned companies to work together.'
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