Setup & Documents
The setup for our Tenant Rent Reporting service is made very easy by our team at BRE Investment, LLC. We only need the address of your property, the current rent roll, and any and all tenant files you have (specifically including their applications and their lease agreements). If you do not have the application or lease agreement, then we can report using just their name and address (using TransUnion).
But with all of the documents requested, we can setup your property quickly based on the requirements of the national credit bureaus for residential tenants (reported to TransUnion, Equifax and/or Experian), as well as commercial tenants (reported to Dun & Bradstreet).
The credit bureaus have specific requirements that we must comply with when we report to tenants’ credit files. We are in compliance with all of them internally, but there are a few things you should know before you get started so you are in compliance with us:
- Management: BRE Investment, LLC must be the official Property Manager of your building (our standard management fee is $500 per month). Find out more about our Property Management service.
- Rent Collection: As the Property Manager we are required to process all the rent payments through our rent collection methods, in order to ensure we are properly tracking and reporting rent payments. We can not obtain rental information from Landlords, because this would be indirect and unverifiable information for us, and for the credit bureaus.
- Reporting: We must report all of the tenants at the property and we must report both the positive (rents paid on time) and negative (rents delinquent by 30, 60 or 90 days to the bureaus), again not just non-paying tenants.
For most Landlords, this concept is interesting and new to them, and so they may be concerned about any possible legal issues that may arise from credit reporting, especially during issues like COVID-19. To address this concern, our company will offer an indemnification for our landlord-clients with regard to our Tenant Rent Reporting service so them have the comfort of knowing we’re in compliance and following the legal requirements with reporting both positive and negative rent payments to the credit bureaus.