What is Credit Reporting?
It’s a feature that allows tenants to submit information about their lease to a credit bureau to improve their credit score. As a Property Manager, reporting rent payments to the credit bureau reduces the likelihood of tenants being late with payments. If you want to offer Credit Reporting to your tenants through LetUs, please contact your LetUs account manager. This feature is available for Property Managers and tenants located in Canada and the US.
To be able to use credit reporting, tenants need to have a charge (either a monthly charge or a one-time charge) with the name 'Rent' (It can be the word 'rent' or 'rnt’), and the tenants need to make a payment against that charge. Credit reporting uses the information for the past month, so it will check if a payment was made to cover last month's 'rent' charge.
Credit reporting is available for a fee for tenants, but as a Property Manager, you can choose to cover that fee for them. Purchasing credit reporting gives the tenant 1-year subscription. The subscription will be automatically renewed each year unless the tenant contacts us to end the subscription.
- If the Tenants pay for it: the fee will be charged annually and the payment must be made with a credit card.
- If the Property Manager pays for it: the fee will be charged annually. Please reach out to your LetUs account manager for more information about pricing