Why Report Rent to Credit Bureaus?
Who can Report Rent Payments to a Credit Bureau
To maintain the integrity of information reported by credit bureaus, only approved entities can report consumer payment history. This is true of credit card companies, auto and home finance companies, and it is true of landlords. For tenants to report monthly rent payments to a credit bureau, the landlord’s involvement is essential to submit the information.
However, the major credit bureaus have chosen not to accept rent payment information directly from smaller landlords. Instead, they take that information from an authorized Credit Bureau. These agencies have been vetted and have systems in place that safeguard the credit reporting process.
Traditionally, landlords needed to utilize a rent payment platform that also offers rent reporting to see an impact on a tenant’s credit report. These services typically charge a start-up fee along with monthly fees. Some services require a landlord to maintain a minimum number of tenants or monthly rent balance, which makes this option less appealing for smaller landlords.
Landlord Credit Bureau is the ideal option for landlords who do not wish to change their current rental payment platform or method for accepting rent. Landlord Credit Bureau specializes in rent payment reporting and tailors its service to tenants and landlords.