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How do I get setup to report rent payments to the credit beareaus? |
I am a landlord and I would like to report good payment history on my tenants. Nice thought, but no go. You are not extending credit to the tenants. Nor do you want to go through the disclosure process necessary for reporting each account. This is really a can of worms, and like they say no good deed goes unpunished. If you were not properly disclosed, the penalties could be rather severe... see link for the FTC/Fair Credit reporting. Even if you were reporting good activity, your reporting would affect other creditors determination of whether to extend/reject an applicant for credit. You'd be able to report judgements, but this would appear in the public records section of a credit report anyway. Also, you'd be able to report collections if you were set up as a collection agency. Good idea, just not worth it. Source(s): http://www.ftc.gov/os/statutes/fcrajump.... not sure Good question.. I don't think you can.. It would be nice to have landlords post your good payment history. |
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