Investor · Houston Texas · Member since 2024 · 41 posts · 28 votes
I am a property owner in Brazoria County Texas. I often have tenants who don't pay the last month's rent because they think the security deposit will cover what is owed. My question what is the best way to have outstanding debts reported to the credit bureaus? I have read I will need to use a third party service to make this happen. What service/provider might you recommend.
We send the information to a collection agency who attempts to recover the money; after they make several attempts they place it on their credit report.
We've had some success recovering money owed, and we've seen it on credit reports.
Recently a former tenant attempted to co-sign for another prospective tenant. The name (former tenant) looked familiar and sure enough when we looked at the credit report there was the debt from us from 2023.
1. Our lease contains a clause stating that any unpaid debts will be turned over to a collection agency and the debt can be placed on their credit report.
2. Our lease contains a clause stating the security deposit cannot be used for the last month's rent.
3. If you want the name of the agency we use, message me I don't think we can promote a company here that isn't a BP sponsor or Pro etc.