The Landlord Credit Bureau serves as a tenant tracking system in that it can identify an applicant’s previous residence, late rent pay history, unpaid rent history, and damage to rental property.
How does tracking tenants benefit landlords and property managers?
High risk tenants don’t pay rent on time, leave landlords stuck with unpaid rental fees, and in many instances, they damage rental property.
High risk tenants are detrimental to operating a profitable and efficient rental business. EG…hassles over late or unpaid rent, extra resources to deal with problems, cost to evict, complaints from other tenants.
Reporting rent payments to the Landlord Credit Bureau, tracks high risk tenants and makes other landlords aware of their rent history. .
Identifies low risk tenants.
The perfect or low risk tenant can be found in the Landlord Credit Bureau repository. Reporting rent payments for a low risk tenants benefits them and landlords/property managers.
Having a history or track record of good tenancy, makes it easier to rent, of having a bad credit history. Landlords and property managers want to know that rent is paid on time and that there is no history of delinquency.
A low risk tenant will be pleased with the fact that they can build a good tenant history. Having their rent payments reported to the Landlord Credit Bureau is a big benefit, particularly when they can receive a Certificate of Satisfactory Tenancy at the completion of the lease/tenancy agreement.