Helping our tenants improve their credit thru rental payments

[Maria Vargas]

Hi BP, outside the obvious benefits we enjoy as landlords/investors I find it extremely rewarding to help people in different situations by providing safe and viable housing options in a pricey and competitive market (Denver, CO). I have several tenants that have been stellar in maintaining my properties, providing timely payment, and communicating effectively especially in the last few months which have been dominated by economic uncertainty due to Covid. A couple of those tenants had poor credit profiles upon initial screening but presented other factors for which I decided to rent to them despite poor credit scores. I'd really like to help them improve their credit standing by reporting those on-time payments to credit reporting agencies and I'm not quite sure how I can do that - enter your input BP Community! While I don't use Cozy for anything other than Credit Checks/Criminal Background Screenings, I do know they claim to report rental payments to credit reporting agencies if one set's up receipt of rental payments through their portal. Has anyone found that Cozy does actually report those rental payments to credit reporting agencies and that it's made a difference in their tenants' credit profile? Are there other rent collection mechanisms other than Cozy that could help me achieve this goal to help my tenants improve their credit profile?  (Yes, I'm aware that if using Cozy to collect rent, I'll have to wait more days to actually receive those funds in my bank account - I'm willing to wait if I can effectively help my tenants). 

[Jason Brown]

@Maria Vargas If you're looking for a property management software that takes payments and also allows for rent payment reporting to credit bureaus you can check out RentRedi.

Who: RentRedi

Where: RentRedi Landlord Features - RentRedi.com

Price/Plan and for who: Entire Lease $3.99 month, 3 month plan $4.99 month, Monthly $5.99

There are other companies if you decide to pay for it yourself evoking that extra layer of enforcement on the tenant when not paying will effect them in the long run. Some landlords may try to share the expense with a tenant to create that comradery of benefits. You get the joy of helping them on this journey, and it will do a lot to improve your tenant-landlord relationship along the way. I made a list down below.
Good luck.

Who: Rent Reporters 

Where: https://www.rentreporters.com/... and for who: Renters. Monthly $9.95 + $94.95 sign-up fee or Yearly $7.95 mthly + $94.95 sign-up fee.

Who: Pay Your Rent

Where: PayYourRent.com - Prices for Rent Payment & Property Management Software

Price/Plan and for who: Landlords or PM Companies. $9.95 month for 1-5 units, $19.95 month for 6-50 units, Free for 50+ units.

Who: Payment Report

Where: PaymentReport | Report Rent to Credit Bureaus

Price/Plan and for who: $49 per lease.