SACRAMENTO — Gov. Gavin Newsom Sept. 28, signed Senate Bill 1157, authored by Sen. Steven Bradford (D-Gardena). This bill requires landlords managing medium- to large, subsidized, multi-family housing units in California to offer their tenants the option of having their rental payments reported to a major credit bureau.
The U.S. Census American Community Survey reports more than 45% of Californians are renters. Yet, at the present time, although failure to pay one’s rent has a negative impact on one’s credit, most Californians who make on-time rent payments fail to receive any benefit to their credit scores for making those on-time payments. This is because many landlords do not submit their tenants’ “full-file” (positive and negative) rental payment history to any of the major credit bureaus.
Specifically, SB 1157 requires landlords who manage medium to large multi-family units in California that receive federal, state, or local subsidies to offer each tenant in a subsidized unit the option of having their rental payments reported to a major bureau. By focusing on subsidized housing, the bill is tailored to those tenants likely to receive the greatest benefit from establishing or improving their credit scores.
SB 1157 includes a delayed operative date of July 1, 2021 to allow landlords reasonable time to prepare for implementation.
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