Property Management & Landlord Reporting FAQ

You can report monthly rent payments for residential rental properties including:

• Single-family homes
• Apartments
• Condominiums
• Multi-family units
• Student housing

Commercial property rentals are not typically reported through this system.

Yes, you must obtain written consent from tenants before reporting their rent payment information to credit bureaus. This consent should be included in your lease agreement or obtained through a separate authorization form.

Important: Ensure your consent language complies with federal and state laws regarding consumer reporting.

Reporting rent payments helps tenants in several ways:

• Build Credit History: Many tenants have limited credit history. On-time rent payments can help establish or improve their credit scores.
• Access to Better Rates: A stronger credit history can help tenants qualify for better interest rates on loans and credit cards.
• Future Housing: Positive rental payment history can help when applying for future rentals or home purchases.
• Financial Recognition: Their largest monthly expense becomes a credit-building tool.

Late payments are reported according to the following guidelines:

• 1-29 days late: Typically reported as current
• 30-59 days late: Reported as 30 days past due
• 60-89 days late: Reported as 60 days past due
• 90+ days late: Reported as 90+ days past due

Note: You must report payment status accurately. Late payments can negatively impact a tenant's credit score.

Generally, you should only report current and prospective payment data. However, there are some considerations:

• You can typically report up to 24 months of payment history when you first begin reporting
• Historical data should be accurate and verifiable
• Tenant consent is still required for historical reporting
• Check with your credit bureau for their specific policies on historical data

Recommendation: Contact M2 Reporter support for guidance on your specific situation.

To report rent payments, you'll need the following information for each tenant:

• Full legal name
• Social Security Number
• Date of birth
• Current address (rental property address)
• Lease start date
• Monthly rent amount
• Payment history (dates and amounts)
• Current balance (if any amount is owed)

Rent payments should be reported monthly, typically:

• Submit reports by the 15th of each month for the previous month's activity
• Include all active rental accounts in each report
• Report both current and delinquent accounts
• Continue reporting for 3 months after an account is paid in full and closed

Consistency is key: Regular monthly reporting provides the most accurate picture of tenant payment behavior.

When a tenant vacates with an outstanding balance:

• Continue reporting the account with the appropriate Account Status code
• Report the Date Closed as the lease termination date
• Continue reporting the outstanding balance in the Current Balance field
• If the debt is charged off, use Account Status Code 97
• If you send the debt to collections, report the account transfer using Account Status DA

Important: Follow Fair Credit Reporting Act (FCRA) guidelines when reporting delinquent accounts.

Yes, but you must handle this properly:

• If the tenant requests removal, you may need to delete the account depending on your agreement
• For normal lease endings, report the account as closed and continue for 3 more months
• Use Account Status DA to delete accounts that were reported in error
• Never stop reporting selectively based on payment performance - this could be considered discriminatory

Legal Note: Consult with legal counsel regarding tenant removal requests.

Rent reporting does create some compliance obligations:

• You must comply with the Fair Credit Reporting Act (FCRA)
• You must ensure data accuracy and investigate disputes promptly
• You must maintain proper documentation of payment history
• You should have proper tenant authorization

Protection: Using M2 Reporter software helps ensure compliance with Metro 2^® format requirements and reduces reporting errors.

Recommendation: Consult with legal counsel about your specific obligations and consider appropriate insurance coverage.

For leases with multiple tenants:

• Each tenant listed on the lease should be reported using the appropriate ECOA code
• Use ECOA Code 2 (Joint) for co-tenants who are equally responsible
• All responsible tenants should be reported with the same payment history
• You must have authorization from each tenant you report

Example: If two roommates are on the lease together, both should be reported with ECOA Code 2, and both will receive the same payment history on their credit reports.

These are distinct reporting activities:

• Rent Reporting: Reports ongoing monthly rent payments (positive and negative) for active and recently closed leases. Uses Account Type 65 (Rent).
• Collections Reporting: Reports debt that has been charged off or sent to collections after the tenant has moved out and attempts to collect have been made. Uses different account types and status codes.

If you send an unpaid balance to collections, you should report an account deletion (Status DA) for the rental account and the collection agency will report it as a collection.