I have a tenant who has paid late the past 3 out of 4 months. I told him that this will damage his credit. How do I file this into his credit report?
The only way it it will appear on his credit report is you evict him. It will be part of his court history. If you keep him there is not any way to report him to the credit bureaus. I would not bother threatening him with that since it is an empty threat. It is also better to have a business relationship with a tenant and not put emotions into it. Just follow your lease and file for eviction when your state laws allow. The tenant will then pay quickly or eventually get evicted.
You should have given a pay or quit notice the first time they paid late. If you had by now you would either have a new/better tenant or they would not be paying late any more.
In the future use M2M leases and do not renew when tenants pay consistently late. Never worth the trouble of keeping bad tenants. Life is too short.
I believe cozy reports payment history to the credit monitoring companies
Thanks! We use Cozy.
@Max T. @Dori Groenendyk Hi there! Cozy does offer a feature called "RentReporting," which will report payments your tenants submit in Cozy to Experian RentBureau. However, payments that are missed or paid outside of Cozy will show that month as "No activity." In other words, it doesn't get treated as a late payment. So should you need to report your tenant's late or missed payments to the credit bureau, you'll need to do so outside of Cozy.
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