Articles of Interest
Report Tenant Pay Habits
TVS Tenant Verification Service Inc. one of the premier tenant screening services in the Industry has developed a program that allows landlords to report tenant pay habits on a monthly basis.
This is important for a number of reasons:
- Major Credit Bureaus do not accept tenant pay habit reports
- There is no other major repository that reports tenant pay habits.
- Landlords can network via TVS to identify high & low risk tenants by reporting pay habits.
- Advising a tenant that pay habits are reported to a Credit Reporting Agency on the 2nd day of each month will reduce the amount of late payments and the risk of non payment.
- Reporting good pay habits benefits good tenants and reporting late payments or non payment impacts high risk tenants.
- Many tenants have poor credit histories but they are good tenants and make rent payments on time, these tenants can now build a good tenant history which is important to a landlord when determining tenant worthiness or conducting tenant background checks.
- When a landlord reports that the tenant has paid on time at the end of a lease period, he/she has the option of completing and presenting a Certificate of Satisfactory Tenancy to the tenant which can be found in the Forms Section after Sign Up. The Tenant can show this to the future landlord and the satisfactory tenancy can be verified by TVS.
Previously there has not been a consequence for high risk tenants who use landlords as a revolving line of credit, now there is when landlords report non-payment of rent or a debt resulting from damaged rental property. This is a fraud prevention tool and it serves to minimize the risk of income loss.
In addition to reporting Tenant Pay Habits, TVS provides landlords with deterrent and incentive forms which are beneficial to a landlord business and should be used in conjunction with the tenant reporting service and the tenant check service which TVS provides to the Residential Rental Industry.
