If this is the case, paying your rent on time going forward means that there is an opportunity for you to recover from this status. For anyone that has permission to access your data, the status and time of eviction, the number of months rental not paid, and the total rental owing is visible. We all know that eviction takes place in extreme circumstances, and in some cases through circumstance instead of neglectful behaviour. To successfully load a blacklisting, a legal process needs to be followed, and RentMaster has been working with landlords for years in ensuring that this is done legally and remains on record until prescription. Your payment data goes to TPN Credit Bureau and this platform provides the user to have any blacklisting loaded into both TPN and TransUnion. “This is why private landlords use us – they get the benefit of the rental collection process whilst their tenants have the benefit of payments being recorded.” What happens if you don’t pay rent?īecause your payment profile is updated monthly, if you stop paying rent, a payment flag will reflect that and impact your credit score.
RENTMASTER EXPENSIVE PARTY SOFTWARE
“That is why we integrated our debit order collection service into TPN’s lease management software called RentBook, which accurately and safely records how consistently you have paid,” says Trethewey. This means that if you pay your rent on time every time, it has the same positive impact on your credit record as any other credit transaction. There is a specialist rental payment credit bureau, called TPN, that records a tenant’s rental payment data and when combined with other consumer credit data – a more complete consumer profile can be seen. It is problematic that to get a bond or rent a home, a good credit score is part of your evaluation and unavoidable, even if the circumstances you had were out of your control. Yet the payments that we make for many years diligently paying our monthly rent could simply not be recorded by many credit bureaus. When Covid hit that number decreased to 73.5% and while we saw it gradually start to recover with 74.57% in the third and 77.61% in the 4th quarter, the scale of this drop and its impact on the rental income of landlords is undeniable.” How does one’s credit record get affected and recorded? In the first quarter, pre-lockdown saw 81.52% in good standing. Keep the administrative stress to a minimum.Īccording to Shanaaz Trethewey, CEO of RentMaster, a rental cash flow and collection company with a 20-year track-record: “During 2020, the percentage of total tenants in good standing with their landlords dropped as would be expected.Communicate with your collection agent.How does one’s credit record get affected and recorded?.
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