All a tenant needs to do is continue to pay rent on time each month. At the end of the lease, the tenant can access the rental history as a Tenant Record to share with prospective landlords. The tenant not only has an opportunity to earn better credit, but to improve their rental history at the same time. In a tight rental market, that can make it easier to compete with other applicants for the best rental properties.
Focusing solely on landlords and tenants, LCB can offer valuable education and assistance, like providing sample disclosures that landlords may provide to tenants to explain the benefits of rent reporting. LCB also provides sample lease provisions that allow tenants to better understand their responsibilities under the lease agreement and to maximize the value of rent reporting to build credit.
Once landlords learn how to report rent payments to a credit bureau, they can enjoy enhanced tenant screening abilities like access to the Tenant Records database, the ability to register on tenant credit reports and to report delinquencies to support collection efforts.
Tenants can build credit and rental histories to gain a competitive edge when applying for rental properties, monitor credit reports, and rate their landlords.