While some landlords are lucky enough to have tenants who pay their rent on time, some have to deal with renters who pay late or not at all. If you have a tenant who pays his rent late, or has left your rental property and still owes you money, you can report the delinquency to the renter's credit file. This is a relatively simple process that can help you and other rental property owners keep tabs on renters' payment histories.
Open an enterprise subscription account with each of the three major credit reporting bureaus--Experian, Equifax and TransUnion. Each reporting agency offers a variety of packages for you to not only report delinquencies, but also evaluate the creditworthiness of future renters as well. Your accounts will also enable you to report on-time payments, so you can help your good tenants build their credit histories. Each credit reporting agency charges a monthly or annual fee for its subscription packages.
Complete the reporting form provided by each of the credit reporting agencies. This form will contain the renter's personal information, such as name, address and Social Security number. It will also contain information about the renter's payment status. You will need to complete a separate form for each reporting agency.
Forward the form to each credit reporting agency. You should complete this process each month to ensure that the renter's credit file is up to date.
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