Questions about Delinquent Credit Reporting
|FAQ on Credit Reporting|
Q: I'm interested. What do I need to report a delinquent tenant?
A: You need to be a current member of an LPA credit reporting affiliate to enter a report on line or by printing & faxing.
Q: Why should I report my delinquent tenant?
A: If your tenant has broken your lease and caused you considerable financial damage, reporting the debt will give the tenant an incentive to pay you so the Bad Debt from his credit report can be satisfied or removed. Often, just the warning letter from the bureau is enough to make the tenant pay.
Q: How late does my tenant have to be before I can report what he owes to the credit bureaus?
A: The debt must be at least 30 days old, but the credit bureaus require that the money amount you report must be a final amount. That means the tenant must already be out of your rental, all costs and expenses totaled and the security deposit already dispersed or applied to the debt. You must also be able to provide proof of the debt with copies of a rental lease agreement, receipts, and a notarized statement from you of the full amount.
Q: Why do I have to join a credit reporting agency to report a tenant?
A: Various laws regulate the transfer or sale of personal consumer information. Only those who conform to those laws may legally access confidential information. The membership process is a process of qualifying the end user as a legitimate business that will respect all privacy regulations. That is why we can only run credit reports for members who have already proven themselves to be legitimate landlords.
Q: How much does it cost to join a Landlord Protection Agency credit agency?
A: The is no fee for membership with credit report affiliates of TheLPA.com .
Q: How do I pay each time I report a tenant?
A: You are allowed to enter reports at no charge online.
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