Landlord Quick Tip
Tip #18: Reporting a Tenant to the Credit Bureaus
This week’s tip submitted by Bill Gray:The company I have worked with, Rent Recovery Services, has an automated service that reports to all three credit bureaus for 7 years. There are 2 options:
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One sends 1 collection letter to the debtor instructing them to pay you directly and informing them that the debt will be reported to the credit bureaus.
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The other option sends a series of 3 collection letters, instead of just one. I would only use the 3 letter package if I had a good address for the previous tenant.
Make sure you can document the charges in case the tenant disputes the debt with the bureaus.
If you want to give it a try, anyone I refer gets a 10% discount. Register for flat fee collections, then email me your user name and I will request they change your pricing.
The price with your discount will be $15 per debtor for the 1 letter service and $24 for the three letter. There are no commissions or extra charges. The system is an online account, so you may update the amount or even close it completely should your tenant pay you. You tenant must have been gone a minimum of 31 days in order to use the system.
Click here for more information: Report Tenants
Email me with any questions. [email protected]
See last week’s Landlord Quick Tip
American Apartment Owners Association offers discounts on products and services for landlords related to your real estate investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at joinaaoa.
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