Consumers are motivated to pay their credit card bills and loans on time each month because they know that account will be reported to the credit bureaus and if they pay late their credit score will go down. Most landlords don’t know they too can report on-time and late rent payments on a consumer’s credit report. Rather than waiting to take a tenant to court or using a collecting agency, you can let the credit bureaus know as soon as there is a missed payment. This can have an immediate impact on the tenant’s credit score, motivating them to stay on track. You can also reward tenants by reporting timely rent payments, which helps build their credit and improve their credit score so they can get better interest rates and qualify for homeownership in the future.
THE SPERLONGA SOLUTION
Sperlonga credit reporting offers a proactive solution that can help improve the financial health of rental properties. As a full-service data aggregator, we provide a streamlined approach to automatically reporting managed accounts each month.
By linking to Sperlonga through your software provider or simply filling out a standard data template each month, the most up-to-date status of each account is reported to the credit bureaus every month.
Sperlonga’s goal is to stay client focused with automated tools to improve cash flow, reward consumers who pay their debt obligations on time with positive impacts to their credit scores and disincentivize consumers from making late payments.
A WIN-WIN FOR PROPERTY OWNERS AND THEIR TENANTS
Benefits for rental property owners and tenant managers:
- Reduce delinquencies
- Increase the value of your portfolio
- Less expensive process to penalize tenants who don’t pay
- Reduce cost of operation
Benefits for tenants:
- Higher credit scores for those who pay timely
- Build credit faster
- Lower your interest rate for future loans and credit cards with higher FICO scores
- Start getting credit for payments that you have been making for years
Sperlonga has helped clients reduce delinquencies by as much as 30% in just 90 days. If you have rental units you would like to credit report, contact us today for more information at firstname.lastname@example.org or 818-200-0530.