Credit reporting using RentTrack, RentalKharma or RentReporters

[Steve Hodgdon]

Hi - I have a small portfolio and want to help tenants on lease option improve their credit for an FHA take out.

Has anyone used RentTrack or similar. The smaller ones like RentalKharma only report to TU and charge tenant a fee. Others want to be your payment collector and then report. 

Important to get on all 3 bureaus. I'm an old credit guy and know I have to have 100 of my own to get a credit reporting # with Trans Union. 

Experiences anyone? 

Anybody have any collection questions (my expertise) I can answer in return?

thanks,

Steve

[Mike B.]

Hi Steve -- 

I started using an online electronic payment system a few months back on one of my out of state properties.  It's not the fanciest, but has worked well so far for me.  

https://www.erentpayment.com

The tenant can pay rent through various payment options and it can be a month-to-month deal or set up on recurring automatic payment.  It's only $3 (compared to upwards of $40 I've seen elsewhere) to collect, account, and distribute the funds via ACH to my account.  No membership fees or anything.

"erentpayment" will report the rent payments received to all 3 credit bureaus.  The credit reporting is Free.  Great benefit for tenants.