We get asked frequently if we recommend any particular debt collection agency for delinquent tenants. Second most on that topic we get asked if there is is any way to report delinquent unpaid tenants to the credit bureaus. I’m pleased to say that we’ve found both!
We’ve partnered with a OLDDEBTS to provide this service to Rentec users and trusted affiliates.
There’s a ton of benefits to using Olddebts. The ones that make the most sense to us are:
- The collection process can be handled online, and setup only takes a couple minutes.
- Olddebts is a flat-fee service that costs less than $20
- Olddebts will report the delinquency to the credit bureaus for just $5. This is the best part because not only are you warning other landlords about this tenant who fails to pay their rent, but with the debt going on their credit you are far more likely to collect on it. They will most likely need to pay you before they can move into another house, buy a car, etc.
- Olddebts handles all the dirty work. They send the collection letters and report to the bureaus. The funds come back directly to you.
We are very impressed with how their program is setup and how effective it is. To get setup or read more about Old debts, CLICK HERE to visit their site.
UPDATE: OLDDEBTS is now known as Rent Recovery Service