What are the benefits of using Rent Recovery Service to report tenant debt to the credit bureaus?
Increases the likelihood you will get paid.
Impairs the debtor’s ability to obtain credit.
Reports the debt as a collection account to Experian, Equifax and Transunion.
When can I report a debt to the credit bureaus? You may enter a debtor in your online account the 31st day after move out.
How long does it take for the debt to appear on the debtor’s credit report? As a part of the service we send the debtor a letter (or series of three letters) instructing him/her to pay the amount owed directly to you.Thirty days from the date we send this letter we will report the debt to all three credit bureaus. How long does a debt stay on the credit report? A debt may remain on the credit report for up to seven years from the date the debt was incurred (move out date). I do not have a court judgment; may I still report the debt? Yes, as long as you can substantiate the debt you may report judgments and non-judgments. How does the debt appear on the credit report? The debt will appear as a collection account. What do I need to report a debt? To report a tenant debt you will need copies of the signed lease and move out statement, itemizing all charges.The rental application would also be helpful.To enter the debtor into your online account you will need the debtor’s name, total amount owed and his/her address.The debtor’s Social Security number is also very helpful.
What if I do not know the ex-tenant’s current address? If you do not know the debtor’s current address, use his/her last known address.This may be the address where he rented from you.Our letters are mailed First Class mail and will be forwarded if the debtor has a forward order at the Post Office.If the letter is not delivered, it will be returned to you because your address will appear in the return address window.
I have several tenants that owe me money from two to three years ago.May I report these debts? Yes you may reports these debts, again as along as you can document the debt. Who is the letter, or letters from and what is included? The letters are mailed on Rent Recovery Service letterhead.We print and mail the letters.We include and envelop for the debtor to mail you payment directly.Attached to the letter is a tear tab similar to a credit card statement. What does the service cost? Our price for sending one letter and reporting the debt is $16.96.The same package plus the sending of two more collection letters is $26.95.
