Specialist · MA · Member since 2009 · 858 posts · 306 votes
I'm sick of being walked on by one of our tenants. TALK about complainers. I could go down the list, but that's not why I'm here.
This month they wanted to deduct from the rent for something that they "might have" to pay for. I said no and explained they had to have written permission for an expense and then we would cut them a check.
Anyways, I was told the check was mailed for the November rent THURSDAY. NO big surprise when the rent didn't appear on the first of the month, but I'm sick of it. It did come on the second so they were "officially late" - I emailed the tenant that she needed to include the late fee in the check. It didn't happen. So today I posted a demand for rent on her door along with the returned payment. In my note I explained I could not accept partial payment and that if we didn't get the full amount (rent plus arrears) that we would report to credit agency and start eviction process.
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
15y
In order to report to a credit agency you have to pay a fee. Commercial banks are too cheap to pay the fee so my loans since 1996 do not show on my credit report. The best way to get info on their credit report is to go to court and get a judgment against them. The court judgments automatically are picked up on their credit report. Usually there is an 8-12% interest penalty assessed if they do not pay. I had several while doing apartments come back later as they could not buy a car or a house until they took care of the outstanding judgment against them.
Mobile Home Investor · Spanaway, WA · Member since 2008 · 1k+ posts · 578 votes
15y
In order to report to a credit agency you have to pay a fee. Commercial banks are too cheap to pay the fee so my loans since 1996 do not show on my credit report. The best way to get info on their credit report is to go to court and get a judgment against them. The court judgments automatically are picked up on their credit report. Usually there is an 8-12% interest penalty assessed if they do not pay. I had several while doing apartments come back later as they could not buy a car or a house until they took care of the outstanding judgment against them.
Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
15y
Two replies above are dead on, and got my vote.
Now, once you become a "member of that credit bureau", you have to follow rules that they put into place. So number of days late is bracketed into ranges, and from credit reports I have seen usually nothing shows until it is 30 days delinquent.
Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
15y
Yep, Steve is right, it's not late until it's thirty days late. 30/60/90 days out. So long as people pay as agreed, nothing is required to be said.
While there are many requirements, generally, the beauru looks initially to how much business you conduct, so if you were running a retail pottery shop and financed purchases and had a hundred customers a year, you wouldn't be picked up, but as a mortgage company doing a hundred deals a month and servicing loans, that's enough credit inquiries for it to be profitable.
And there are two inquiries, an in-file that gave current status and a loan'mortgage credit report, where accounts were verified and updated on a new report....that will cost you.