Credit construction startup is a win for tenants and landlords
Record rental prices in the city have resulted in some late payments. It can hurt credit scores – and even lead to people losing their apartments. But there’s a New York-based company helping to change that.
Founded by two children of immigrants, Esusu ensures that when a tenant pays rent, it accumulates credit to pay on time. And if someone falls behind, the company matches them with interest-free loans, ensuring they can stay at home.
One of the co-founders, Samir Goel, joined NY1 to find out more about his billion dollar unicorn business.
The company was created after the personal experiences of Goel and his co-founder Wemimo Abbey.
Their family’s paths to the American dream were more difficult than they should have been, especially without access to credit.
Esusu partners with landlords who pay a monthly fee, allowing them to roll out the program to their tenants. Benefits to the landlord include providing additional equipment to tenants and securing rent payment.
Goel says it’s a win for both sides. Esusu can build a credit score for someone who didn’t have one 100% of the time. Tenants who have good credit scores see an improvement score between 20 and 100 points.