How Do Landlords Report Late Rent to Credit Reports?
Tenant Payments Landlords have several options when it comes to tenants who have not paid their rent. The first step is to have clear rules laid out as to when rent is due and what procedures will be followed if rent is not paid. All tenants should be made aware of these rules and what steps the landlord will take if they fail to make their rent payments on time. There is a legal process that should be followed in these situations, which is usually determined by the type of lease the tenant is under. Rent can either be completely unpaid, or partially unpaid. These charges often culminate under the term “added rent,” which carries the same weight as unpaid rent but infers that the tenant still has that much rent left to pay, in addition to the current time frame. Any amount unpaid is usually seen as added rent for a few days before the landlord takes action–a grace period to receive the payment, which is often three to five days. After this, the landlord usually begins by sending a lat
