WilliamPaid: Building Credit One Rent Payment at a Time

Williampaid For many,
renting an apartment while in college is a student's first step to living on
his or her own. Students living
on their own quickly come to realize that independence comes with a lot of
responsibility: paying rent, managing credit cards, budgeting money for
groceries and bills, etc. Part of becoming an adult is understanding
credit: what it is, how to build it, and what applies to it.

A play on words –"Bill Paid”, WilliamPaid
is a company that
helps its users learn about how to develop their credit through something as simple as paying rent. The
Chicago-based company was founded by Evan Silverman and Jeff Golding who spent two years developing their services based on their prior experience in having owned a student loan center. WilliamPaid opened to the public in
February, 2010.

According to the Finaid.org website, 86% of students have student loans (excluding PLUS loans).
Jacqui Monieson, spokesperson for WilliamPaid, says that by using their services,"students can earn cash-back from online shopping and
referring friends and family to join. Should a user choose to apply their
cash-back to their student loan debt, we'll match 10% of their cash-back amount
to help pay down their debt.”

WilliamPaid
also keeps roommate problems to a minimum when it comes to splitting the
rent. Monieson explains, “WilliamPaid
helps eliminate the roommate drama associated with rent collection by allowing
roommates to easily split the rent and pay rent how each desires, with one payment
going to the landlord. And, because everyone is handled individually,
there is no sharing of your private payment information with your roommates or
your landlord.”

In addition to being
able to easily split the rent by using a roommate agreement available online,
the company also features a blog about roommate harmony, what to do if a
roommate loses a job, an easily accessible emergency contact list for all the tenants, and other valuable resources.

Since credit cards are also a payment option on WilliamPaid, new card users need to
understand exactly what they are getting into. When asked about tips for
beginning credit card users, Monieson, suggests that the key is to be
responsible.  Understanding that a credit card is not free money is
imperative.  Monieson says, “Bottom line, credit cards can be very useful
in helping you manage cash flow, getting miles/points, etc., but make sure you
can pay the bill each month.”

While managing credit cards responsibly builds
credit, WilliamPaid is the first company that allocates timely
rent payments towards good credit. Monieson asserts, “If you are paying
rent, and you pay on time, there's no reason not to have your payments reported
[to the credit bureau].”

The thought of paying rent and taking on adult
responsibilities can be terrifying to a first-time renter, but WilliamPaid
makes the transition easy and seamless. Users easily pay their rent while they build their credit, ultimately
preparing them for managing their financial future.

To learn more about WilliamPaid, join us on #CampusChat, Wednesday, June 16 at 9 p.m., Eastern.

***

Chelsea Merget, a junior at Boston University is
pursuing a degree in Communications
with a minor in Psychology. She is spending the summer as a public
relations intern with Smart College Visit, Inc. For other articles about
college life, visit our Heading to College
series.

Author: cmerget

Chelsea Merget is currently an Account Coordinator at Grayling PR in Seattle, WA, specializing in B2B and enterprise tech startups. She was previously an intern and social media specialist on the Smart College Visit team. Chelsea earned her BS in Communications and minor in psychology from Boston University.

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