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FAQs on Credit & Collection Posting

Basic Frequently Asked Questions Regarding...
Credit Bureau Posting and Collection Letters

1. How long till my free posting hits the credit report?
2. How can I notify my former tenant that I intend to report to the credit bureau if they don't pay?
3. What percentage does The LPA or LCA take if your reporting gets the tenant to pay? How much of the money do I keep?
4. Do I have to take the tenant to court and get a judgment to do bad debt reporting to the credit bureau?
5. Can I see proof my posting went on the credit report?
6. How long will my bad debt posting stay on the credit report?
7. What is the FCRA FACT Act?
8. What is the difference between collection reporting and bad debt reporting?
9. What good does a judgment do me?
10. Will you go find them and collect for me?
11. Which Credit Bureau will my Bad Debt Posting appear on?

1. How long till my free posting hits the credit report?
New information may take up to 30 - 60+ days to appear after reporting to the credit bureau.

2. How can I notify my former tenant that I intend to report to the credit bureau if they don't pay?
We recommend sending your former tenant The LPA collection letter, the Credit Reporting Disclosure Notice!
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3. The collection reporting is a free feature of LPA membership. If and when the tenant pays, how much of the money do I keep?
You keep 100% of any money collected as a result of our credit posting package.
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4. Do I have to take the tenant to court and get a judgment to do bad debt reporting to the credit bureau?
No, but a judgment is legal power to use the authorities to force collection from bank accounts or assets owned by the tenant or garnish wages.
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5. Can I see proof my posting went on the credit report?
Yes. You may decide to check if the credit report has been updated. Some owners have legal written authorization to run periodic credit reports on their tenants. We do not recommend you run a credit report without the tenant's prior written authorization to run continued or periodic reports for re-evaluation or collection purposes.
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6. How long will my posting stay on the credit report?
Seven or more years depending on if you have a judgment. If you have an unsatisfied judgment, it can be up to 20 years.

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7. What is the FCRA FACT Act?
The Fair and Accurate Credit Transactions Act (FACT Act) was signed into law in December 2003. The FACT Act, a revision of the Fair Credit Reporting Act, allows consumers to get one free comprehensive disclosure of all of the information in their credit file from each of the three national credit reporting companies once every 12 months through a Central Source. Click here for more information about the FCRA's FACT Act

Many landlords who do not have an account with a credit report reseller ask prospective tenants to take advantage of the FACT Act and request their annual free statutory entitled credit report. Click here for credit report resellers.

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8. What is the difference between collection reporting and bad debt reporting?
Collection accounts can be reported on a monthly basis. A bad debt report is reported once.

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9. What good does a judgment do me?
A judgment will eliminate the debtor to attain new credit and also can be attached to real and personal property enabling the creditor to force collection with law enforcement. A Bad Debt Posting will not do that, but it will go on the former tenants credit report, damaging their credit rating as an account in collection listed as a Bad Debt which is still unpaid.
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10. Will you go find them and collect for me?
No. We only provide the ability for LPA members to post valid debts of former tenants that qualify for reporting in accordance with the FCRA.
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11. Which Credit Bureau will my Bad Debt Posting appear on?
We subscribe to TransUnion Credit Bureau for posting Bad Debts owed to Landlords. TransUnion has been extremely instrumental in providing an incentive for former tenants to clean up their credit reports and paying off their debts to former landlords.
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