TVS provides a valuable service to both landlords and tenants: the ability to report tenant rent payments each month.
When a landlord signs up to Report Tenant Pay Habits, great things happen:
Reporting Tenant Pay Habits Helps Tenants
Many people choose to rent because their credit score is too low to obtain a mortgage to purchase a home. Nonetheless, there are many great tenants with so-so credit who pay their rent and take their financial responsibilities seriously.
Credit reporting agencies now can include rent payment history provided by landlords in a individual’s credit report. This is a great way for a renter to build their credit while at the same time creating a stellar rental history.
By using the Report Tenant Pay Habits service through TVS, a tenant can earn a Certificate of Satisfactory Tenancy, which then can be provided to the next landlord as proof of good rental history. That allows tenants to gain the advantage when looking for their next home.
Reporting Tenant Pay Habits Helps Landlords
Tenants aren’t the only ones to benefit from tracking their rental payment history. Landlords who use the service gain an important advantage that leads to more on-time rent payments and fewer defaults.
When a tenant knows their rent payment history will be reported on the third day of each month, they rally to make on-time payment a priority. Otherwise, tenants may choose to push the limits by paying four, five or even fifteen days late, using the landlord as a revolving line of credit. Those tenants are more likely to default altogether.
Reporting Pay Habits Helps Other Landlords
TVS recently launched LandlordCreditBureau.com, which provides a searchable database for member landlords to use when screening rental applicants. TVS is in process of sharing that database with a major credit reporting agency, so that this tenant pay habit information can be provided on a tenant’s credit report.
That will greatly enhance every landlord’s ability to run tenant background checks and to quickly determine if an applicant respects the obligation to pay rent on time.
By participating in the program, each landlord benefits from the sharing of data.
Reporting Tenant Pay Habits and participating in building the database of both good and bad tenants is a vital step in holding tenants accountable.
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.