An Inexpensive Alternative to Keep you Out of Court
There are ups and downs to running any business. One possible pitfall of being a landlord is the inevitable non-payment of rent or eviction of tenant. While going for a financial judgment in small claims court is an option, it’s not always the cheapest and most expedient way to collect money or report the debt to credit bureaus.
RHA has partnered with Rent Recovery to bring you an alternative to going to court. It’s a very inexpensive way to report tenant’s debt to all three credit bureaus and help increase your odds of getting the money you are due. RHA members also receive a 10% discount.
How Does it Work?
Rent Recovery is a flat fee collection service that will print and mail a collection letter (or series of collection letters) to your delinquent tenant. The first letter is mailed right away, within one business day of signing up for the service. All collection letters will come from Rent Recovery Service, a licensed collection agency, but instructs the debtor to pay you directly. There are no additional costs or commissions due to Rent Recovery above the initial fee you pay.
The flat fee service accelerates the collection process by putting into motion the initial steps of collection instantly. Many delinquent tenants will recognize that you have elevated your concern for the delinquency to the level of a collection agency and will respond with payment. This is an excellent, inexpensive and efficient tool to motivate a tenant to maintain a clean credit profile and pay arrearages. If you are unsure of your tenant’s current address, RHA offers a Trade Detail Report. This report lists all known addresses, associates and relatives. Contact our tenant screening department to learn more.
Reporting to Credit Bureaus
Rent Recovery service reports to all three major credit bureaus all balances owed to the landlord by the tenant. The tenant debt is reported to Experian, Equifax and TransUnion and will remain on their record for up to seven years unless the debt is paid off or the landlord closes the account.
Creating an Account
Registering for a flat fee account with Rent Recovery Service is a free, one-time process that is fast, easy and secure. Simply click here to open your account. RHA members receive a 10% discount. Once you have created your account, you simply enter debtor information. It really is that easy.
For additional questions or to get set up over the phone, contact Scott Lamay at (800) 845 - 1086.
Rent Recovery has two options – a 1 Letter Package and a 3 Letter Package. Each package includes: FREE credit bureau reporting and FREE National Change of Address notification. As a member of the Rental Housing Association, you will receive a 10% discount. Discount is reflected in prices below. View a sample letter.