Frequently Asked Questions
Answers to our most common questions
Landlord Credit Bureau’s mission is to improve renting for everyone. Landlord Credit Bureau’s services include the ability to include rental payments on tenants’ Equifax credit report, internal record keeping services, communication tools, tenant screening tools, as well as operating a Reporting Agency (also known as a Credit Bureau). The credit bureau maintains a database of verified Tenant Records.
Landlord Credit Bureau empowers landlords to reward their responsible tenants, motivate on-time payment habits and introduce consequences for delinquencies. Through Landlord Credit Bureau, landlords have the same capabilities other credit grantors have always had with the major credit bureaus.
Increase NOI – Landlord Credit Bureau helps landlords prevent and stop delinquencies such as late payments, bad debts, and damages by impacting credit reports and creating verified Tenant Records. On average landlords see a 36% increase of on-time payments.
Reward Tenants –Landlord Credit Bureau enables landlords to reward tenants who pay rent on-time and are responsible. Tenants can use their rent payments to build credit and create a positive Tenant Record they can use to receive priority when next applying to rent.
Reduce Risk – Using Landlord Credit Bureau, landlords reduce the occurrence and risk of unpaid rent, damages, and other delinquencies.
LCB puts a spotlight on responsible and delinquent behaviour. This particularly enables small landlords, who provide the majority of rental housing, to avoid the serious financial damages delinquent tenants cause and to continue providing housing for responsible tenants.
Landlord Credit Bureau provides many benefits to tenants. Landlord Credit Bureau enables tenants to use their rental payments to improve their credit report (i.e Equifax) and build a positive, verified Tenant Record that can use to receive priority when next applying to rent.
Improving your credit can help in all future credit needs like buying a car, getting a cell phone or even buying a house.
Yes, while these are not necessary for using LCB, we strongly recommend adding them to your Application and Lease Agreements.
LCB is designed to be managed in less than 10 minutes per month.
LCB offers several features including reporting rental payments and debts to credit bureaus (i.e. Equifax), notification tools (rent reminders, late payment warnings) and internal record keeping services. Current and former tenancies may be added and you can select which features to turn on directly from the Tenant Record.
Additional products like Equifax credit reports and a marketplace are also available.
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