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Updated about 1 year ago,
Smaller Landlords/ Rental Investors, How to report money owed to credit bureau?
I am a smaller investor, but I am looking for a way to report money that is owed from tenants not paying rent and damaging our property. I believe you need to have a court judgment on them in order to report it to their credit, but I'm not sure it's impossible to report the debt even if you just have legitimate accounting. Does anyone know for sure?
I'm hoping there's a simple way possibly through an online service to report these debts to the credit bureaus?
I think it's important, because it's one of the only ways we have to hold a tenant accountable for unpaid rent, and that way when another landlord (Hopefully) runs their report it will pop up and hopefully save that landlord from suffering the same outcome.
If we all do this consistently then hopefully tenants realize they can't just get away with not paying rent and damaging properties, and help protect each other as landlords.
Sometimes I when I run an applicant's credit a debt to a big apartment complex will pop up. Of course bigger corporate landlords have a way to report their debts, but us smaller landlords need to figure out how to do that too.
Please let me know if you know how to do this! and thanks in advance!