How To Report Late Rent To Credit Bureau? Complete Procedure

If you have the property and you deal with others with property management. So, maybe sometimes you have to face the problem of how to report late rent to credit bureau. So, by using the credit bureau services and also contact the credit bureau to report against the delinquent tenant. 

In particular, three credit bureaus provide the services such as Experian, Equifax, and TransUnion. So, this report alerts the other landlords that they should not rent to this person. The owners of the landlords help each other by reporting any late payments or missed rent payments to the credit bureaus. In this vlog, we describe how to report to the credit bureau.

How to Report Late Rent to Credit Bureau

If you are facing this problem as a delinquent tenant, you should report the credit bureau. There are two main ways to report late rent. 

Reporting directly to the Credit Bureau

There are three credit bureaus that provide services against the delinquent tenant to save the owner’s property. So, don’t worry about How to Report Late Rent to Credit Bureau, it’s not difficult just follow these steps to report. Credit bureau only deals with large landlords who generate a high number of monthly transactions.

• First of all, you need to create a merchant account to report directly to a credit bureau. They will ask for personal information like your business information. So, you provided them with all the true information.
• Now, you will report the tenant’s payment regularly to the credit bureau. 
• Keep in mind that you have the documents as proof of which tenants you reported by the credit bureau. The documents include any emails or letters that you sent to the credit bureau and they provide the confirmation number.

Small Landlord Owners to Report to the Credit Bureau

Small landlords cannot directly connect to the credit bureau; on the other hand, you can choose the other options that are available to you.

Hire a collection agency

• You can hire a collection agency that can collect the rent from the tenants. 
• If any tenant refuses to pay the rent, then the collection agency reports to all the credit bureaus.

Civil Judgement

• You also can report at first in the court. 
• Before taking the service of the civil judgement must make sure that you have the right legal team to protect you.  
• A civil judgement decides the court order against the tenants and it becomes part of the public record. Then it will report the three credit bureaus about the tenant’s credit rating.

Experian’s Rent Bureau Service

• You are able to subscribe to Experian’s RentBureau service if you own a minimum of 500 units. 
• In spite of directly reporting the tenant’s rental payment history to Experian, this automatically deducts the rent from the tenant’s bank account. 
• Yet, the tenant has the option to use these services. 
• Evictions, loss of property, and other indications of bad behaviour are also not picked up by it.

How to choose a rent reporting service?

If you are providing the service to the tenants, you just need to know about the reporting services to protect your landlord. You should check that your property manager is already in contact with the credit bureau and you also know how to report late rent to the credit bureau. If your property manager does not connect with them, before choosing the rent reporting service you must know about these details.

• How much I would pay you as a cost for the one-year service including the setup fees and fees for reporting rental history
• What are the ways to protect my personal data?
• Which of the major credit bureaus do they use to report?
• They would provide free access to credit scores and if they provide access which score?
• How can I cancel the service?
• How much time is spent to show the information to appear on the credit report?
• If any dispute with the landlord that does not keep the unit repaired and habitable. Remember in mind whether you will pay the rent or not.

Why should you need to report tenants to credit bureaus?

As an owner of the landlord, you must report the tenants regularly to the credit bureaus. There are many reasons that are discussed one by one.

Protect Your Investment

As a three types of tenants.

• Pay rent on time.
• Pay rent repeatedly late.
• Never pay rent at that time and avoid paying.

If you report the tenants to the credit bureaus, they will check all the behaviour of the tenants and make sure you know how to save your property. Surely you must know how to report late rent to credit bureau to save your property.

Get Payment on Time

If the tenant does not pay the rent at the time, you should regularly report against him. So, after reporting to the credit bureau tenants must pay at the time. Being able to recover any due rent is the second benefit of tenant credit reporting, which can be beneficial for landlords.

Future Tenants

Finding a good tenant is a difficult task. So, it makes it easy for the landlords to report the tenant’s payment history continuously. Your proper dealer advises you which tenant is perfect by checking their records. 

Final Words

As a property manager, you must contact the credit bureau. Contacting the credit bureau is not only safe for your property but also safe for the other landlord. So, as a good citizen and business manager you follow the rules. By reporting against the delinquent tenant it will make it easy to find the perfect tenant.

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