Who Can Report Rent Payments to a Credit Bureau?
To maintain the integrity of information reported by credit bureaus, only approved entities can report consumer payment history. This is true of credit card companies, auto and home finance companies, and it is true of landlords. For tenants to report monthly rent payments to a credit bureau, the landlord’s involvement is essential to submit the information.
Large landlords and property managers have always had the ability to rent payments to credit bureaus on behalf of their tenants. However, the process was often time-consuming and required special software or integrations. For many small landlords, the process was simply not worth the effort.
Now, there are companies that handle all of the paperwork and technical integrations for landlords so they can focus on their business. And because these services use the latest technology, reporting rent is now easy and affordable for small landlords as well. Services like FrontLobby allow landlords of any size to join the rent reporting revolution and help their tenants build credit.
Traditionally, landlords needed to utilize a rent payment platform that also offers rent reporting to see an impact on a tenant’s credit report. These services typically charge a start-up fee along with monthly fees. Some services require a landlord to maintain a minimum number of tenants or monthly rent balance, which makes this option less appealing for smaller landlords.
FrontLobby is the ideal option for landlords who do not wish to change their current rental payment platform or method for accepting rent. FrontLobby specializes in rent payment reporting and tailors its service to tenants and landlords.