Your applicants are in a tricky situation – a low credit score makes life more difficult for them, but most of their money usually goes to a bill that doesn’t improve their credit score. Basically, if a credit score matters then the priority bills to pay are the ones that improve your credit score. Well good news, everybody! You can now make it easy for your renters to pay you each month with the added benefit that paying you will increase their credit score. This is also the perfect time to consider our partner, PayRent, with recent laws being passed that require many property owners to offer a rent reporting solution to their tenants.
What Legislation!?
Your applicants are in a tricky situation – a low credit score makes life more difficult for them, but most of their money usually goes to a bill that doesn’t improve their credit score. Basically, if a credit score matters then the priority bills to pay are the ones that improve your credit score. Well good news, everybody! You can now make it easy for your renters to pay you each month with the added benefit that paying you will increase their credit score. This is also the perfect time to consider our partner, PayRent, with recent laws being passed that require many property owners to offer a rent reporting solution to their tenants.
What Legislation!?
The requirement to offer rent reporting to tenants is part of California Senate Bill 1157. The bill is aimed at California landlords with fifteen or more units in assisted housing and requires them to offer credit reporting to “at least one consumer reporting agency.” However, PayRent went a step further and makes reporting to all 3 bureaus easy.
The three major credit bureaus (Equifax, TransUnion, and Experian) tend to only allow landlords with more than fifteen properties to report rent payments on their own. PayRent can do it for everyone, no matter the size of your portfolio and at no cost to the property!
The requirement to offer rent reporting to tenants is part of California Senate Bill 1157. The bill is aimed at California landlords with fifteen or more units in assisted housing and requires them to offer credit reporting to “at least one consumer reporting agency.” However, PayRent went a step further and makes reporting to all 3 bureaus easy.
The three major credit bureaus (Equifax, TransUnion, and Experian) tend to only allow landlords with more than fifteen properties to report rent payments on their own. PayRent can do it for everyone, no matter the size of your portfolio and at no cost to the property!
How does it work?
PayRent is full of benefits for your renters’ that encourage them to stay on top of paying their rent each month. It begins with your tenants’ having multiple ways to pay from credit card to bank account withdrawals, as well as the ability to setup multiple payments amount rather than a lump sum on rent day. Each on-time payment builds your renters’ RentCred which unlocks additional resources such as increasing their credit score, access to emergency cash and late-payment forgiveness where PayRent works with you to cover the expense.
How does it work?
PayRent is full of benefits for your renters’ that encourage them to stay on top of paying their rent each month. It begins with your tenants’ having multiple ways to pay from credit card to bank account withdrawals, as well as the ability to setup multiple payments amount rather than a lump sum on rent day. Each on-time payment builds your renters’ RentCred which unlocks additional resources such as increasing their credit score, access to emergency cash and late-payment forgiveness where PayRent works with you to cover the expense.
It might seem obvious at this point, but the simple trick to getting your renters to pay on-time begins with making it clear what’s in it for them. Every property owner would love renters who are purely incentivized to pay rent on-time in order to keep living in the property, but offering some additional help can go a long way. Help your renters and improve how well you cover your liabilities at the same time. It’s a win – win!
It might seem obvious at this point, but the simple trick to getting your renters to pay on-time begins with making it clear what’s in it for them. Every property owner would love renters who are purely incentivized to pay rent on-time in order to keep living in the property, but offering some additional help can go a long way. Help your renters and improve how well you cover your liabilities at the same time. It’s a win – win!
