OneUnited Bank Teams Up with Esusu to Empower Renters, Unlock Better Credit and Open Doors to Homeownership
- wgclients01
- Apr 13
- 2 min read
In recognition of Financial Literacy Month, OneUnited Bank, a leading Community Development Financial Institution and the nation’s largest Black-owned bank, is joining forces with the innovative credit-building platform Esusu to revolutionize the path to homeownership for renters. By reporting on-time rental payments, this alliance simplifies credit building, paving the way to homeownership and delivering essential financial literacy tools and AI technology to help close the wealth gap.
"This alliance is all about empowering renters with the financial tools they need to turn their homeownership dreams into reality," said Teri Williams, President & COO, OneUnited Bank. "For decades, our mission has been to promote financial empowerment for everyone, and this collaboration with Esusu is an important step in that direction."
"Financial literacy is the key to achieving stability," noted Wemimo Abbey and Samir Goel, co-CEOs of Esusu. "This collaboration is all about equipping renters with the knowledge they need to navigate their journey to homeownership." To date, the Esusu platform has enabled over 200,000 renters to establish a credit score for the first time, while unlocking over $50 billion in credit activity. On average, renters see a positive credit score increase of 45 points, providing them access to better quality financial products and lower interest rates.
"Recognizing rent payments as a valid form of credit building can truly change lives," added Williams. By enabling the reporting of rent payments to all three major credit bureaus, this initiative seeks to transform monthly rental costs into a pathway for increased mortgage eligibility. OneUnited Bank will make rent reporting available to all customers and Esusu will enable renters to access OneUnited Bank's AI-driven financial solutions through its app.
This marks Esusu's first collaboration with a banking institution, showcasing the commitment of both organizations to empower underserved communities through cutting-edge, AI-driven financial solutions.
