Facts About Landlord Credit Bureau

About Landlord Credit Bureau (LCB)

Landlord Credit Bureau was established by a law enforcement veteran who specialized in fraud prevention and a former corporate lawyer turned technology entrepreneur. Frustrated by their own experiences as landlords and tenants, LCB’s founders knew the dynamic between landlords and tenants needed to improve.

Today, LCB is focused on increasing revenue for landlords, rewarding responsible tenants and reducing risk for both.

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What is Landlord Credit Bureau?

The organization Landlord Credit Bureau includes several business divisions and services operating both domestically and abroad. A primary division of LCB is the operation of a reporting agency (also known as a Credit Bureau).

LCB is an independent, neutral, third party organization that is working to improve the lives of landlords, property managers and tenants.

How is Landlord Credit Bureau helping Landlords and Tenants?

Landlords have always been able to report debts to the major credit bureaus, but LCB has improved the accessibility. With Landlord Credit Bureau landlords can also offer to improve their customers credit ratings and provide them with a verified Tenant Record which they can likely use to receive priority when next looking for a home.

Using Landlord Credit Bureau landlords can attract and retain the best tenants by offering to improve their credit. Likewise, tenants are able to seek out landlords who use Landlord Credit Bureau knowing they are actively building their credit by simply paying rent.

Is Landlord Credit Bureau Safe to Use?

For the benefit and protection of LCB’s landlord, property manager and tenant members, there are automated protections in place to ensure that usage is compliant with relevant legislation, that the data provided is accurate, and that all users identifications are verified.

There are also several dispute resolution processes available should there be any concerns.

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Additional Facts About Landlord Credit Bureau

Who Uses Landlord Credit Bureau?

Landlord Credit Bureau is trusted by over 30,000 landlords and property mangers who are looking to reward their responsible tenants and motivate positive payment habits.

Tenants who are looking to build a positive Tenant Record and improve their credit can also use Landlord Credit Bureau. LCB is proud to be giving tens of thousands of tenants the ability to build credit by simply paying rent.

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How does Landlord Credit Bureau Benefit Tenants?

Rent is many consumers’ largest single monthly payment, but to their detriment it is rarely reflected on their credit report. With LCB tenants can finally build credit by paying rent and create a Tenant Record to help them receive priority for future housing. Even if a tenant is having financial difficulty, as long as they communicate with their landlord and create a reasonable payment plan, they can still receive the same benefits.

What are the Benefits of Using Landlord Credit Bureau as a Tenant?

  1. LCB facilitates tenants to positively impact their credit reports through the inclusion of rent payments.
  2. LCB assists consumers new to credit (i.e. young people) and new to the county (i.e. immigrants) with building a credit file and gaining access to credit.
  3. LCB enables consumers with thin credit files to positively impact their credit reports and thus unlock credit and better rates for credit.
  4. For tenants with poor credit, but a history of always paying rent, they find it harder to secure housing. LCB enables them to show potential landlords that despite a low credit score, they are a responsible tenant and should be rented to.
  5. Relevant to COVID-19 and beyond, LCB enables rent deferral agreements and payment plans to be registered which then enables tenants to create a positive tenant record that they can use when applying to rent in the future and still help strengthen their credit rating despite unexpected financial difficulties.
  6. From a housing supply and quality standpoint, LCB helps increase the supply and quality of rental housing for responsible tenants. LCB substantially reduces the risk and cost of delinquent tenants which encourages more rental housing to be created, enables smaller landlords to afford to continue providing rental housing (i.e. basement suites), and enables all landlords to afford more repairs & improvements and even reduced rent prices. The small % of tenants who choose to be delinquent, cost the rental housing industry over $3 Billion per year in Canada which impacts the housing supply for everyone.
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Is Landlord Credit Bureau a Blacklist?

Blacklists are illegal, Landlord Credit Bureau is not a blacklist. Landlord Credit Bureau operates a registered consumer reporting agency. Landlord Credit Bureau provides a formal and regulated mechanism and is improving the accessibility and transparency of the rental ecosystem which we hope will eliminate the unfair and illegal blacklists in existence.

Over 90% of the Tenant Records with Landlord Credit Bureau are for responsible tenants who do not owe any debts, and their landlord is offering them the benefits of an improved credit rating and a positive Tenant Record.

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How does Landlord Credit Bureau benefit landlords?

Landlord Credit Bureau empowers landlords to reward their responsible tenants, motivate on-time payment habits and introduce consequences for delinquencies. Through Landlord Credit Bureau, landlords have the same capabilities as other credit grantors have always had with the major credit bureaus.

Increase ROI – Landlord Credit Bureau helps landlords prevent and stop delinquencies such as late payments, bad debts, and damages by impacting credit reports and creating permanent records of tenancy. On average landlords see a 36% reduction in delinquencies.

Reward Tenants – Landlord Credit Bureau enables landlords to reward tenants who pay rent on-time and are responsible. Finally, tenants can use their rent payments to build credit and create a positive Tenant Record they can use to receive priority when next applying to rent.

Reduce Risk – By using Landlord Credit Bureau, landlords significantly reduce the occurrence and risk of unpaid rent, damages and other delinquencies for only the cost of a coffee per lease per year. Tenants are motivated to uphold positive payment habits knowing they can improve their credit and build a positive Tenant Record.

LCB puts a spotlight on responsible and delinquent behaviour. This particularly enables small landlords, who provide the majority of rental housing, to avoid the serious financial damages delinquent tenants cause and to continue providing housing for responsible tenants.

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Learn more about Landlord Credit Bureau

Questions? Contact Landlord Credit Bureau by emailing support@landlordcreditbureau.com