Landlord report to credit bureau
How to report to the credit bureaus?
Easiest way to report to the bureaus.
- We recommend using our company www.CanRentBuildCredit.com
- Our service works with both tenets and you the landlord.
If you are a landlord and want to report your tenants rent to the three credit bureaus, we are here to help. Your tenets rental payments never benefit their credit score if they are NOT reported to the three bureaus. Until recently, there was no way for your tenets to get better credit scores by paying their rent on time.
That changed with the three bureaus about a decade ago. So now, the credit bureaus can take your tenets positive payment history and have it reflected to the national credit bureaus. By doing so, it will help build their credit profile and raise their credit score.
With your help as their landlord, we can get this information to the bureaus to help them get better car loan or credit card rates. Your tenets will be more likely to move in or stay with a landlord that helps them every month. Plus they will be more likely to pay their rent on time, knowing it is immediately reported to the credit systems.
If you don’t want to use our services?
- Some landlords would prefer to handle the reporting process themselves. Here are some helpful tips to expedite the process.
Things to know:
- To be an independent reporter to the credit bureaus, you have to have at least 1,000 units. That means you need at minimum of a thousand houses or apartments.
This excludes any small property owners who only own one or two rental properties and very large apartments that may have 300 or 400 units. They just don’t have enough tenets to report that data to the credit bureaus on their own.
- You will need to contact and setup an account with each of the three credit bureaus.
- There is an application fee. Good news, this application process is not terribly hard, but it will take 3-6 months to have your properties approved.
- The credit bureaus will need to inspect your properties, which they will charge you about $60. During the inspection they will want to make sure the data and computers are secure, dead bolts on the doors, proper signage, plus various other things at the property.
- You will need to send the data to the bureaus in the correct format. They will not accept anything other than Metro-2.
We would love to help you see your tenets rent payments reported to the credit bureaus and help them have a better credit score.
If you’ve got any questions, please ask them… We’re here to answer them, and we’re here to help you.
1. You Sign Up
CanRentBuildCredit.com has only 3 quick questions.
- To get your information
- To get your landlord’s information for your payment history
- To choose which product you want to purchase.
2. We Verify Your Information
CanRentBuildCredit.com starts by confirming the information you provided on your landlord / property manager through independent data research to make sure it is complete and accurate.
We then verify the information you provided on your application with the landlord /property management company to make sure it is accurate. Once we establish a connection with your Landlord, we then invite them to link their account to our bank level bill payment system.
If for any reason CanRentBuildCredit.com is unable to verify your rent or your landlord will not except ACH direct payments, we will promptly give you 100% refund.
3. CRBC Verifies Payments & Reports Credit
After your account is established with CanRentBuildCredit.com, you will pay your rent through our online portal. Once the funds have been received, we will verify that the funds meet or exceed the amount due for your monthly rent. Then, we report (on the 21st of every month) to all three of the national credit bureaus: Experian, Equifax, and TransUnion. This can show on your credit report in as little as 7 days.
Note: Processing payments through our system can take up to 5 days. We suggest that all renters make payments a minimum of 5 days before the past due date.