How to Choose a Rent Reporting Company
These are the main criteria that you’ll look at when you’re choosing a rent reporting company.
Credit Bureaus Reported To
There are three major credit bureaus: Experian, Equifax, and TransUnion. Many rent reporting services report to only one or two of the three. If your rent reporting service reports only to Equifax and TransUnion and a creditor pulls your credit score from Experian, your rent reporting service won’t do you any good. The more credit bureaus a service reports to, the more credit-building impact you get.
Landlord Relationship
There are three parties in a rent reporting service: you, your rent reporting service, and your landlord. Different services handle this relationship in different ways. In a landlord-enrolled service, you pay your landlord and your landlord reports your payment. Not all landlords want to take this responsibility.
Some services ask you to pay your rent to the rent reporting service. They pay the landlord and report rent payments. You may have to pay the service several days before your rent is due to assure timely payment.
Other services monitor your bank account. When they detect a rent payment they report it to the credit bureaus. This usually works only if you pay your rent through a direct deduction from your bank account. None of these methods is better or worse than the others. Choose the one that best suits your needs.
Best Rent Reporting Service
Founded in 2012, Landlord Credit Bureau’s mission is to improve the businesses and lives of landlords, property managers, and responsible tenants. Having been both Tenants and Landlords, the founders knew the dynamic between the two needed to improve. Today, Landlord Credit Bureau is focused on providing landlords with the transparency they need while helping responsible tenants prosper. Landlord Credit Bureau is a consumer reporting agency, most commonly known as a bureau. Landlord Credit Bureau enables the sale of rental history records and accepts rent payment information. Landlord Credit Bureau empowers landlords to motivate and reward responsible tenant behavior. Tenants are able to build a positive Tenant Record with LCB to help get priority with future housing applications. The signature Tenant Database helps responsible tenants stand out. Less desirable behavior such as late payments, debts owed, or property damages can now be reported to ensure accountability.
