Spokane-based credit reporting company CredHub has launched two new lines of service that are expected to expand its client base and benefit renters, says co-founder and CEO Steve Jarvis.

The company already provides a proprietary Complete Credit Reporting service that submits both positive and negative rental payment data to all three mainstream credit bureaus—TransUnion, Equifax, and Experian. CredHub also offers a basic reporting service for reporting positive-only payment history to the bureaus. 

Both services are paid for by the building owners and property management companies who enroll their rental properties to the platform, explains Jarvis.

One of CredHub's new lines of service is a free credit reporting option that will report monthly rental payments to TransUnion, intended to help individuals without a credit score to obtain one and to introduce users to the company's additional services.

The new, free service is a way for CredHub to introduce its complete suite of reporting services to new clients.

"We just thought it was time for renters to have that basic level of financial benefit for paying on time," he says. "We did a survey of tens of thousands of our TransUnion renters and found that almost half were invisible, meaning they didn't have low credit scores, they had no credit score at all."

Jarvis adds, "Then we'll obviously be looking to move people up to basic or complete (service) as they understand the benefits of that." 

CredHub also has developed a new platform dubbed Credit Reporting as a Service that allows any company that accepts a recurring payment to report their customers' payments to the credit bureaus.

"Any recurring payment that is reportable to a credit bureau can now be added ... via our reporting as a service," he says.

In addition to property managers, residents, and others involved in the rental market that the company already serves, the new platform will expand CredHub's clients to include collections agencies, storage companies, homeowner's associations, universities, and other businesses, he says.

Expanding CredHub's credit reporting options will help the company "rapidly increase our scale," says Jarvis. 

"We've grown a little, but we're still working toward profitability (expected) later this year," he says. "We've seen a lot of growth inside our existing client base, where some customers had 1,000 units and have grown to 2,500, for example."

As previously reported in the Journal, Trade Line Credit Solutions LLC, which does business as CredHub, was founded in 2018 by Jarvis and chief financial officer Chris Dukelow. Since February 2023, the business has expanded its users by 150%, and has over 100,000 units on its platform, Jarvis says.

"We're a software-as-a-service company that develops annual recurring revenue," he says. "It's an attractive place to spend time financially, but we're also doing something that has great impact."