Off topic – reporting bad credit
Question: Okay yes, I know this is off topic, but with all the wisdom we have >here, maybe somebody knows this answer.
>Can I as a landlord, report a tenant for bad credit, ie bouncing >checks and not paying them back ina timely manner, being over 30 days >late with the rent and so on?
>Any wisdom in this area would be appreciated. I have two good tenants >and one bad (in terms of payment only, they all maintain the place >wonderfully, see my other off topic post).
Instead of reporting an otherwise good tenant, pass along the costs of the late payments.
“If payment not received within ten days of the due date, effective immediately, there is a $10 late fee.”
Or…
“Gee fellows, I’m sorry, but having to constantly deal with late payments is forcing me to raise the rent for all of you by $15 per month.”
“But only Joe pays his rent late!”
“Sorry, but I can’t single him out for an increase. I’m willing to hold off until the next late payment, but as soon as I get another…”
“We’ll have a talk with Joe.
If you have a security deposit, don’t let the late pay get to you.
Answer: rrrrrrrrrr….wrong answer. the security deposit can only be used as restitution for damage to the property. it cannot be used for late rent, last month’s rent, to cover nsf fees, etc.
i am with you in trying to work this out as you described. i don’t know how the lease is written, as each person being responsible for 1/3 of the rent, or as any one of them being responsible for the entire rent. my husband used to be a tenant/landlord attorney (i did corporate so i’m not as familiar) and the biggest trouble that landlords ran into was that they used a standard, do it yourself lease for roommate situations. A lease with roommates should be written by your attorney, or see if there is an off the shelf one for roommates in your state.
As for reporting to the credit agencies, you need to subscribe to the service, and I can’t remember the cost. It might just not be worth the price. Boy, does “Joe” need a lesson about balancing a checkbook and how long you have to cash a check!! LOL! As I learned, once I write the check, buh-bye money.
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