Rent Credit Reporting

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Replied by FrankN on topic Re: Rent Credit Reporting

On a somewhat related topic, I have read a few articles about how rent payments may be changing and you soon will be able to make these payments with your credit cards. I think it would be great, but some people could abuse this as well.

Do you have any opinion on this?
1 year 4 months ago #1

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Replied by FrankN on topic Re: Rent Credit Reporting

Joker wrote: Yes, I agree that there are many unscrupulous landlords out there that might take advantage of this. However, on the other hand, collecting rent is sometimes problematic and if you have put this clause in the rental agreement that they will be reported for non-payment, it might help you collect a little more easily.


That is a good point as there are certain landlords that abuse their power. I have noticed smaller one-off landlords can do this vs. corporate ran management landlords.
1 year 10 months ago #2

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Replied by Wanderer on topic Re: Rent Credit Reporting

Hmm ... process "discrimination" ... I wonder?
1 year 10 months ago #3

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Replied by Joker on topic Re: Rent Credit Reporting

Yes, I agree that there are many unscrupulous landlords out there that might take advantage of this. However, on the other hand, collecting rent is sometimes problematic and if you have put this clause in the rental agreement that they will be reported for non-payment, it might help you collect a little more easily.
1 year 10 months ago #4

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Replied by FrankN on topic Re: Rent Credit Reporting

Joker wrote: I agree with FrankN. Landlords usually do not reveal their process for determining whether or not a person is a viable renter. Personally, I think that if you have good rent references in the past, you should be good to go. Most of the landlords in my small town just use word of mouth.


Agreed. If you past their minimum score and have good references, you will likely get approved.
1 year 11 months ago #5

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Replied by Joker on topic Re: Rent Credit Reporting

I agree with FrankN. Landlords usually do not reveal their process for determining whether or not a person is a viable renter. Personally, I think that if you have good rent references in the past, you should be good to go. Most of the landlords in my small town just use word of mouth.
2 years 2 weeks ago #6

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Replied by JGibbs on topic Re: Rent Credit Reporting

FrankN wrote: That is a good point. Honestly if I were a landlord I would probably not want to deal with that.[/quote
Really? To me it sounds like a good threat to hold over a renter's head. Especially a younger person who might not understand that a lease is a contract and a serious matter.

2 years 2 weeks ago #7

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Replied by FrankN on topic Re: Rent Credit Reporting

Lenders usually do not like to reveal their process to customers or especially to its competitors.
2 years 6 months ago #8

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Replied by MikeJ on topic Re: Rent Credit Reporting

I agree 100%. I think that many lenders simply rely upon the FICO score, the component algorithms of which are intentionally kept obscure since they are a closely-guarded secret.
2 years 7 months ago #9

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Replied by FrankN on topic Re: Rent Credit Reporting

I agree with that. But the banks and credit agencies could also do a better job laying out a simpler framework on what they look at and how they look at your credit as well.
2 years 7 months ago #10

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Replied by MikeJ on topic Re: Rent Credit Reporting

Perhaps, if the FCRA was updated to provide more than just an ambiguous framework; you know, actually providing clear cut, black and white rules on what/when consumers and creditors could do; perhaps then standardized rent credit reporting would be appropriate.
2 years 8 months ago #11

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Replied by FrankN on topic Re: Rent Credit Reporting

That is a very good point MIKEJ. I could absolutely see landlords taking advantage of this.
2 years 8 months ago #12

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Replied by MikeJ on topic Re: Rent Credit Reporting

I think that this is a bad idea. Oh it sounds nice initially, but what about when it becomes a requirement and starts being used as a disqualifying factor for tenants. I can think of a few scenarios in which tenants have their "rentability" impacted by unscrupulous landlords. Personally, I think that there are already enough reporters who have no business affecting peoples' credit.
2 years 9 months ago #13

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Replied by Moneyes on topic Re: Rent Credit Reporting

There are very large complexes.......10 buildings, 30 units to a building, etc.... that are are owned by companies who own many such complexes. These are the businesses most likely to report such activity to the bureaus.
2 years 9 months ago #14

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Replied by MsSarah82 on topic Re: Rent Credit Reporting

I think that any bill that you are obligated to have some type of contract for and pay monthly should be on your credit report. If a landlord wants to collect money and be in the business of renting, then they should be required to do this. I would think it could provide added protections.
2 years 9 months ago #15

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