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Tenant Credit Bureau Reporting - by Landlord |
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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.
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: 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!) For The LPA's Tenant Credit Reporting Options, click here
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