 New Credit Reporting (by MS [MS]) Jul 21, 2017 6:00 AM
 New Credit Reporting (by S i d [MO]) Jul 21, 2017 6:27 AM
New Credit Reporting (by BRAD 20,000 [IN]) Jul 21, 2017 9:52 PM
New Credit Reporting (by BRAD 20,000 [IN]) Jul 21, 2017 9:52 PM
New Credit Reporting (by Ray-N-Pa [PA]) Jul 24, 2017 5:27 AM
New Credit Reporting (by MS [MS]) Posted on: Jul 21, 2017 6:00 AM
Message:
I recentlyheard from another investor that all the credit reporting bureaus are changing their reporting on small claim lawsuits (past LL claims etc), and you cannot tell if they have skipped on paying other LL. What have you heard or know?
The credit report is usually one of the best ways to screen teanant and if they dont report bad debt we are all going to be in trouble --108.93.xxx.xxx |
New Credit Reporting (by S i d [MO]) Posted on: Jul 21, 2017 6:27 AM
Message:
There was another post titled "3 Major Credit Bureaus" on July 11 relating to this. If the reporting agency didn't have clearly identifying information such as birth date, social security number, etc. they won't be able to report the debt.
If you're using a professional collector, all of this information should be made available to them so they can file it with the bureaus. I believe if you do that, everything will still be reported and visible.
From what I gather, the purpose of the change isn't to make life miserable for land lords, but rather to ensure all of the John Smith's of the world don't end up with trashed credit because one John Smith got evicted. I think it's a positive step for everyone, including land lords. Whenever I get a tenant with a common name, it's hard to weed thru all the records to find out which one is him/her. --173.19.xx.xxx |
New Credit Reporting (by BRAD 20,000 [IN]) Posted on: Jul 21, 2017 9:52 PM
Message:
MS,
Credit reports are a good tool but we must understand what they do and do not show. They should NOT be your only source of info for screening.
Not all LL evict thru court.
Not all LLs pursue the eviction to a hearing on damages. The CR reports the AMOUNT owed, so an eviction that is not followed thru to a monetary judgment is never posted on the CR.
I was told by a rep for one of the big three companies that they were not longer bothering to list small claims under a certain amount. I don't know how true that is.
CRs can be 90 days behind, so the CURRENT or RECENT eviction may not appear.
The address history is only addresses used by creditors to check the person's credit. The applicant may have lived in several places without ever requesting credit so those addresses will not show.
Yes, we use CRs as ONE of several tools in our screening toolbox.
BRAD --68.50.xx.xxx |
New Credit Reporting (by BRAD 20,000 [IN]) Posted on: Jul 21, 2017 9:52 PM
Message:
MS,
Credit reports are a good tool but we must understand what they do and do not show. They should NOT be your only source of info for screening.
Not all LL evict thru court.
Not all LLs pursue the eviction to a hearing on damages. The CR reports the AMOUNT owed, so an eviction that is not followed thru to a monetary judgment is never posted on the CR.
I was told by a rep for one of the big three companies that they were not longer bothering to list small claims under a certain amount. I don't know how true that is.
CRs can be 90 days behind, so the CURRENT or RECENT eviction may not appear.
The address history is only addresses used by creditors to check the person's credit. The applicant may have lived in several places without ever requesting credit so those addresses will not show.
Yes, we use CRs as ONE of several tools in our screening toolbox.
BRAD --68.50.xx.xxx |
New Credit Reporting (by Ray-N-Pa [PA]) Posted on: Jul 24, 2017 5:27 AM
Message:
In Pa it cost about $10 to get a judgement of record recorded so it would get picked up by the credit reporting agencies. So without that tool, I will have to look at the personal property listed on the app that much more and eye up sheriff sales --24.239.xx.xxx |
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