Rental Basics in Chicago>Question Details

iMove Chicago,  in Chicago, IL

Should tenant rental history be reported to the credit bureaus? Some landlords are starting to do so. Thoughts?

Asked by iMove Chicago, Chicago, IL Wed Oct 31, 2012

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9
Gerald Brown’s answer
Yes I think that the rental history should be reported to the credit bureau when you have a bad tenant .My company does property management and reports to Trans Union Credit whenever a tenanat is late or not paying.This information will show up on there credit report. It lets other landlords or creditors what type of person the tenant is and call alert them to any problems.
if you need more assitance Call Brown Realty Inc. 9011 S. Western Ave. 773-239-9400 Gerald Brown/ President/Broker
2 votes Thank Flag Link Wed Oct 31, 2012
No way because there are plenty of ass hole landlords who would lie and embellish. What are the checks and balances? Should tenants be able to report landlords to the credit agencies?
1 vote Thank Flag Link Wed Oct 31, 2012
No, the rental history should not be reported.

In fact, I don't think it is even legal to report the tenants to the credit bureaus, unless tenants were informed previously (when signing the lease) that they could potentially be reported. Also, the tenants would need to have proper warnings in place and should have a way of eradicating the problems with the landlord, prior to their reporting.

By reporting tenants at will, some landlords might set themselves up for a nasty law suit.

Also, landlords could be good and/or bad, just like tenants.

Some landlords might retaliate when there is a dispute (and the tenant is right), by reporting to the credit agencies.

I'd prefer that there would be a law reflecting this situation, before any reporting is done.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Nov 7, 2012
I think this would be great and have tried to get the credit bureaus to take tenant reporting. It helps good tenants and makes landlords aware of bad tenants. However, the credit bureaus have indicated that they will not accept individual landlords. Only large property management firms can report and only where there is some kind of judgement. That is what I was told.
0 votes Thank Flag Link Wed Oct 31, 2012
Sure , if they are delinquent on rent, it should affect your credit. Just as you should be rewarded for paying on ti,e.
0 votes Thank Flag Link Wed Oct 31, 2012
I think landlord referances are more critical to making a case for a good tenant.

Best of luck,
Ivan
0 votes Thank Flag Link Wed Oct 31, 2012
not accurate should be based on 12 cancelled checks
0 votes Thank Flag Link Wed Oct 31, 2012
This is the first I hear of this. I believe landlords have the right to report the payment history, but I don't think it will be many of them reporting just because of the cost and extra work to do so.
0 votes Thank Flag Link Wed Oct 31, 2012
Yes. Many tenants we are seeing now have little credit history or damaged credit. We have very few tenants not paying promptly and on time, so this is a good thing for building or repairing credit for them.
0 votes Thank Flag Link Wed Oct 31, 2012
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