Landlords Increasingly Reporting Late Payments To Credit Reporting Agencies
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All of this matters to people who have good jobs and credit. People who have bad credit is always gonna be late and behind the bills especially now with inflation and higher cost of living. It will take a big recession to fix the prices here in NYC then people will be able to afford living here and not being behind their rent.
If the tenant falls behind it's purposedly done to manage their living expenses and they know they live out up to a year without eviction. They're gonna do it regardless of these late payment reporting. Most tenants these days are signing up and allowing other people that have bad credit to live with them.
we had a big recession here right after the 1987 crash ..real estate prices plunged .
but so did jobs and pay in many industries.
so nothing was more affordable and within a few years of recovery we were higher
i just closed on my first investment property 2 weeks before the crash ..
the co-op i bought as an investment plunged in value ..rents held where they were and never came down , they just didn’t go up as fast but then again neither did pay and jobs
Above being said it isn't always best for a small LL to open merchant accounts with Trans Union, Experian or Equifax due to costs. But there are other ways to skin that proverbial cat.
All of this matters to people who have good jobs and credit. People who have bad credit is always gonna be late and behind the bills especially now with inflation and higher cost of living. It will take a big recession to fix the prices here in NYC then people will be able to afford living here and not being behind their rent.
If the tenant falls behind it's purposedly done to manage their living expenses and they know they live out up to a year without eviction. They're gonna do it regardless of these late payment reporting. Most tenants these days are signing up and allowing other people that have bad credit to live with them.
In some cases you're right. But tons of people pay late or even totally stiff the landlord especially during COVID bc they know in NYC there is nothing they can really do about it
Yes some people fall behind on bills and this won't change that but a some people who do care about their credit rating will change there behavior bc of this.
All of this matters to people who have good jobs and credit. People who have bad credit is always gonna be late and behind the bills especially now with inflation and higher cost of living. It will take a big recession to fix the prices here in NYC then people will be able to afford living here and not being behind their rent.
If the tenant falls behind it's purposedly done to manage their living expenses and they know they live out up to a year without eviction. They're gonna do it regardless of these late payment reporting. Most tenants these days are signing up and allowing other people that have bad credit to live with them.
It is what it is... Huge numbers of persons simply cannot afford to live in NYC. Those in NYCHA and rent regulated housing have an "out" in that they can pay their rent basically whenever they GD want and not suffer consequences.
Long as rent payment arrives before triggering start of eviction process there isn't much if anything said LLs of such housing can do. Even after serving a "Three Day Notice" by which time two months rent is past due along with late and attorney fees long as tenant pays back rent, again there isn't much said LLs can do. They must accept payment because they know 99.9% of time if matters go to court a judge will force them to do so. That and strip out any late fees and court costs as well.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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With companies like Experion (Boost) using rent and utilit7y payments to increase credit scores, it's appropriate to also use them to report delinquencies and reduce the credit score.
Above being said it isn't always best for a small LL to open merchant accounts with Trans Union, Experian or Equifax due to costs. But there are other ways to skin that proverbial cat.
i believe that you cannot do rental reporting directly unless you are a large landlord with membership .
those 8 step sign up links are for vendors to report customers , not reporting tenants
experian has a rental service where they collect the rents for you and charge you to do so and then delinquent rents will be reported by them.. it’s called rental bureau.
when we had all the apartments douglas elliman handled everything for us and at that time they were members.
it ran about 10% of the rent roll so it can be costly
Last edited by mathjak107; 12-12-2023 at 03:33 AM..
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