Delinquent Tenant Credit Reporting FAQ
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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 The Landlord Protection Agency for us to post a report on your former tenant's credit record.
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. In addition, by reporting, on the tenant's credit record, you will be helping other landlords screen tenants more accurately and avoid a similar experience withthis tenant.
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 The Landlord Protection Agency to report a tenant?
A: The LPA has made Bad Tenant Debt collection reporting a Free Bonus included in LPA Membership.
Q: How much does it cost to per Bad Debt posting?
A: Each Membership year allows you up to 10 free postings. For instance, if you had a 5 year LPA Membership, you be allowed 50 free postings. You may enter them at any time during your membership term.
Q: How much do I pay for each posting after I have used all my free postings?
A: In the event, you have exhausted all the free Bad Debt credit bureau postings included in your membership, you may still enter posting reports for $9.99 per posting.
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