 Reporting debt (by Elizabeth Cook [IL]) Jun 10, 2022 2:00 PM
 Reporting debt (by Robert J [CA]) Jun 10, 2022 2:28 PM
Reporting debt (by RTR [AL]) Jun 10, 2022 4:36 PM
Reporting debt (by S i d [MO]) Jun 10, 2022 5:50 PM
Reporting debt (by Ray-N-Pa [PA]) Jun 13, 2022 11:55 AM
Reporting debt (by JTF [CA]) Jun 14, 2022 11:55 AM
Reporting debt (by Elizabeth Cook [IL]) Posted on: Jun 10, 2022 2:00 PM
Message:
State Specific Question About: ILLINOIS (IL)
I am wondering how we can know that Mr. Landlord is actually reporting debt to the credit bureaus when we pay for the Debt Reporting/Collection Service? I would like to use this service, I am just curious as to how we would ever know that the credit bureaus are truly being notified. I appreciate any input you may have!
--98.46.xxx.xx |
Reporting debt (by Robert J [CA]) Posted on: Jun 10, 2022 2:28 PM
Message:
After an eviction and lockout do I covert my Eviction into a Money Judgement. I wait six months so it can't be contested by my tenants. Then I can file the Money Judgement with the County Recorder AND have MrLandlord file debt collection with the three credit agencies. Without proof of a judgement, there can be no reporting debt to any Credit agency. --47.156.xx.xx |
Reporting debt (by RTR [AL]) Posted on: Jun 10, 2022 4:36 PM
Message:
I found out it gets reported when x deadbeat tenant complain to neighbor of current tenant and current tenant told me. I will never be able to collect on that one because he has gone on permanent disability. Least other landlords and creditors will know --99.111.xx.xxx |
Reporting debt (by S i d [MO]) Posted on: Jun 10, 2022 5:50 PM
Message:
Robert may know some things I don't, but here's how I understand it.
First, if your turn over the debt to any collection agency, you give them EXCLUSIVE rights to collect it. Meaning even if you collect it yourself, you still owed them the agreed upon fee. So be careful reporting to multiple collection avenues as this may obligate you to pay out a substantial amount.
Second, you CAN turn the debt over to the collection agency without a judgment. As long as they are registered as a data provider, they can and will get that info on their credit report. The only reason you need the judgement is if the ex-tenant contests it. But even then there are ways. I recent got contacted by my collector to send a copy of the ex-tenant's lease as evidence. So far, so good!
Regarding your original question: I'm not sure there is any way you can tell for certain that the debt has been reported other than that is standard best practice, because while a collector often cannot directly find a debtor, the debtor often will try to do something that requires a credit pull such as establish utility or cell phone service (prepaids excluded). Then the debtor gets denied or has to take out a crappy rate and actively seeks to clear up the debt. Collectors only get paid if they collect: this they'd be shooting themselves in the foot by NOT reporting to the credit bureaus.
At the end of the day, you'd have to pull a report to ensure the item is reported. If you craft your application properly, you should include language that authorized you to pull their credit report for any past, current, and any FUTURE obligation. --172.56.xx.xxx |
Reporting debt (by Ray-N-Pa [PA]) Posted on: Jun 13, 2022 11:55 AM
Message:
I got paid on one of my accounts that I submitted. That leads me to think that they are chasing after the debt some how. They are saying that they are reporting it, but why on earth would you pull credit a second time on a dead beat?
You would be throwing good money after bad. --24.101.xxx.xxx |
Reporting debt (by JTF [CA]) Posted on: Jun 14, 2022 11:55 AM
Message:
S i D hit the nail on the head. Ray-N-Pa, you would only pull a credit report to get details that would help you locate them. --64.60.xxx.xx |
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