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Tenant Credit Bureau Reporting - by Landlord

LPA Feature: Tenant Credit Bureau Reporting

Tenant Reporting

Have you ever been beaten by a tenant on the rent? Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the brighter side, remedies are available for many. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.

Credit bureau reporting is an option in which many modern landlords are beginning to participate.

The LPA recommends tenant and credit reporting to our members.As landlords ourselves, we do not believe tenants should get away "Scott Free" for leaving their landlord with a mess of unpaid rent, damages and other unpaid responsibilities. The prospect of reporting delinquent rent onto the tenant's credit record creates an incentive for the tenant to preserve his good credit, or to clean it up in order to some day qualify for a loan or mortgage.

A delinquent landlord debt is a serious mark against a consumer tenant's credit report for seven years and will likely:

  • limit the tenant's ability to find good rental housing in the future
  • limit their ability to qualify for a mortgage or other financing
  • require them to pay higher interest rates on any loans they acquire
  • limit employment opportunities

    Notifying the current or former tenant that you intend to report their rental debt or payment history to the credit bureau will normally produce a positive result (assuming the tenant places any value on his credit report!)
    Notification can be done with the following LPA forms:
    Credit Reporting Disclosure Notice , or the Credit Reporting Disclosure Notice to Former Tenant

    For The LPA's Tenant Credit Reporting Options, click here

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