Report Tenant Pay Habits
Tenant Screening and Reporting Tenant Pay Habits takes the Risk out of Renting.
Landlords and property managers have two options in which to report tenant pay habits:
- Sign Up directly at www.landlordcredibureau.com
- Sign Up with www.tenantverification.com to obtain consumer reports and report tenant pay habits to LCB from there.
Landlords can report Tenant Pay Habits to the TVS database which serves to minimize risk of income loss. When landlords advise the tenant that pay habits are reported to a Credit Reporting Agency on the 3rd day of each month, chances are that the rent payment will be made on time as opposed to being days or weeks late.
In today’s residential rental world there are high risk and low risk tenants , high risk tenants impact a landlord's bottom line and often waste valuable landlord resources. i.e. time, money, hassles, stress, etc. It is important therefore to use every available tool to enhance the landlord business. Reporting Tenant Pay Habits is one such tool.
High Risk Tenants
Often are late with rent payments, do not make rent payments, cause damage to rental property, et.. When landlords report the delinquent payments of these tenants it prevents them from using other landlords as a revolving line of credit. Tenancy becomes difficult for them to obtain and sooner or later they will have to change the way they treat landlords.
Where a High Risk Tenant is advised that a bad tenant history may affect future tenancy, there is a 50/50 chance that they will be persuaded to adhere to their responsibility of making rent payments on time. There are High Risk Tenants who fall into this category simply because there is no consequence for their actions, where there is... many of them will change their non-pay habits. They grow up so to speak
Low Risk Tenants
Will these tenants benefit from landlords who report their pay habits ... in many instances they are good tenants with bad credit histories owing to a variety of circumstances, but they always pay the rent. A good tenant history will make it easier to obtain tenancy in the future and perhaps gives them a greater choice of where they are able to rent. Many landlords want tenants to be credit worthy as part of their criterion. Many good tenants aren’t credit worthy, but now with a good tenant history behind them; landlords can take into consideration the fact that they are tenant worthy in that they have a history of making rent payments on time.
