How to prevent COVID-19 Rental Losses
There are growing calls across the country to freeze evictions and rent due to the COVID-19 pandemic. Some tenants will take this to mean, “I don’t have to pay rent”.
How does a landlord reward tenants who act responsibly, and prevent COVID-19 rental losses during this pandemic?
The answer lies with the Landlord Credit Bureau (LCB).
For conscientious tenants, who continue to pay their rent, LCB helps you reward them. By registering with LCB you can improve their credit rating with other Credit Bureaus and provide them with a positive Tenant Record. Both are benefits that will help these tenants for years to come.
For responsible tenants, who have been financially impacted by COVID-19 rental losses, LCB encourages you to offer them a reasonable payment plan. Tenants who uphold their obligations will see improved credit ratings and beneficial Tenant Records. Where there is a willingness on the part of the tenant to abide by a payment plan, everybody wins.
For delinquent tenants, who abuse the intent of frozen evictions, LCB empowers you to create real consequences. By registering with LCB you are holding these tenants accountable for their decision to not pay rent. If they still choose to be delinquent, then they will find it more difficult to obtain tenancy and credit in the future as their Tenant Record is shared with other landlords and Credit Bureaus.