As previously reported, TVS launched LandlordCreditBureau.ca, and signed an Agreement with Equifax to report rent payments to Consumer credit reports.
TVS is now reporting rent payments to Equifax every 30 days.
The process has been simplified for TVS members:
STEP ONE: Log in at www.tenantverification.com.
STEP TWO: Locate the Tenant Pay Habits tab in the toolbar.
STEP THREE: Click on the tab and start reporting tenant pay habits! You will find an Operating Guide when you access the Landlord Credit Bureau website to guide you through.
While this information is the next logical step in improving tenant screening, the system has another crucial function. It serves as an incentive for tenants to make timely rent payments… and to not skip out on rent.
Good tenants are rewarded.
A Certificate of Satisfactory Tenancy can be issued at the end of a good tenancy. Many tenants don’t have a stellar credit history, but they are good tenants and pay rent on time. Low Risk Tenants now have an opportunity to strengthen their rental history, and to continue with timely rent payments.
Accountability is key to keeping tenants honest — and paying rent on time. When tenants know their rent payment is reported to a national tenant registry and to their consumer credit report, they begin to think beyond the current tenancy, and consider what might happen the next time they apply for a rental. There’s no better incentive to pay rent on time, care for the property, and otherwise honour the lease agreement. Read Notice to Tenant.
Landlord Credit Bureau is national in scope, outsmarting landlord abusers who attempt to reinvent themselves somewhere new. Reporting is made easy, and the search is free to participating landlords and property managers who are TVS members.
Tenants wishing to monitor their rent history can do so for a small fee. Low risk tenants will want landlords to report their on-time rent payments as it will assist them when applying for new rental accommodation.
LCB will reduce loss of rental income due to “High Risk Tenants.” Identifying tenants who use landlords as a revolving line of credit, live rent-free, or cause thousands of dollars in property damage, is crucial to maintaining the financial health of your landlord business.
This is the best way to stop high risk tenants and reward low risk tenants.
To get started, login to your TVS account and find Tenant Pay Habits in the upper tool bar. Many of you are already doing this — you do not need to do anything more.
The Landlord Credit Bureau database is automatically searched when you request a consumer report on a new applicant. The report shows up in View History extreme right.
Please ensure that you are using the Notice to Tenant and the Certificate of Satisfactory Tenancy which can be found in the forms section after login.
Marv Steier, President of TVS says, ” Every landlord and property manager in Canada should be reporting rent payments to make the residential rental industry better.”
This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).
Click Here to Receive Landlord Credit Reports.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.