Work with a 3rd party vendor for reporting payments to credit bureaus
I recently contacted Equifax on how to report our tenant's payments to them. I was told the following:
In order to report consumer information to Equifax, the following criteria must be met:
* Able to report 500 consumer updates monthly.
* Updates must be sent monthly and electronically.
* Must be a licensed business
If you don't meet that criteria, you may contact a 3rd party reporting agency. They may be able to report on your behalf.
I do not meet their requirements. However, I know RenTec works with Olddebts.com for collecting and reporting on bad tenants. It would be nice to reward tenants who practice good stewardship to credit bureaus too.
Exactly - stick is ok - but carrot is a better motivator if an efficient way can be found to do this