experian adds rent payments to credit report

[Jason Miller]

http://www.experian.com/rentbureau/renter-credit.html

Rent payments can now be part of a tenants credit report. Not just late payments or judgments.

This could be another tool to get tenants to pay on time or help build tenant credit if they are lease optioning. From what I can see it currently only allows those with 500 units or more to update the info.

This may only be applicable if you are with a large PM firm. I think its a step in the right direction though. Perhaps if the program works well for experian, they will reduce the number of units required to report to them.

[Bill Gulley]

Originally posted by Rick Bradd:

Bill, I can not get my head around the liability, could you explain that part to me? I have no need for this service myself, but now that I have been thinking about it I can not move on.

Sorry I messed with your mind there Rick, like an old song stuck in your head I guess... LOL....

If I am a credit reporting agency I'm regulated and must act in compliance with applicable laws, one being the fair credit reporting act. I'm responsible for the data reported. If I bring you in as a creditor and allow you to provide me with such data, I'm relying on you to do so in compliance, properly and accurately.
If you fail in your duty I'm responsible, the only recourse I have is to hold you responsible and if you lack the ability to cover any error, omission or intentional acts, my recourse is limited. I need to see that you have the ability to perform, knowledge of applicable laws and that you have the financial strength to pay damages if it should come to that. In essence, you are a sub-contractor. I'm not going to allow just anyone to give me credit data.

Now, if there is a system where a landlord could have payments serviced through a third party that met my standards, it's all good. :)