Now and again we get asked our advice on how to collect past-due rent or damages when the tenant is already history. The best resource we’ve found to help out with this is a service called Rent Recovery Service. Here is a summary of what they provide:
- They report the debt to 3 major credit bureaus. This can be one of the most effective tactics in collection because it prevents the tenant from obtaining credit (including credit cards, vehicle loans, home loans, and new rental leases) until they’ve cleared their debt with you.
- They handle the dirty work by sending professional collection letters, with return envelopes for payment. The payment comes directly to you.
- NCOA (National Change of Address) searches to locate the current address of your debtor.
- They offer both flat fee (starting at only $16.95) or contingency based collection services.
To learn more, visit the Rent Recovery Service Website.