The Benefits of the Landlord Credit Bureau

  |     |   Partnerships

Renting a property or owning rental property comes with benefits, but challenges are an inevitable part of the experience. At Thorwin Properties, we're continuously striving to find alternatives to improve our residents' lives and make leasing easier. 

We have recently partnered with the Landlord Credit Bureau (LCB), an independent reporting agency, whose goal is to improve the lives of landlords, property managers, and residents. The Landlord Credit Bureau's reporting platform empowers landlords to motivate and reward responsible residence behaviour. At the same time, residents can now build a positive leasing record with LCB while using their monthly leasing expenses to build credit.

How does it work?

Once the landlord and the resident are signed up, the Landlord Credit Bureau tracks and reports credit information through credit bureaus like Equifax. The resident builds a positive rental history which improves their credit report when payments are made on time.

Up until now, responsible residents paid their rent without the credit building benefits LCB enables. Now, Thorwin Properties can reward these residents with a positive trade line on their credit reports. Good credit is important for your future. By having your on-time rent payments reported to credit bureaus, you can improve your credit report and help repair any poor credit history.

What are the benefits?

The LBC benefits both our residents and us. Responsible residents benefit from being able to use their rent payments to improve their credit reports and build a positive tenant record they can use to receive priority when applying for their apartment. Landlord Credit Bureau also empowers Thorwin Properties to reward their responsible residents, motivate on-time payment habits and introduce consequences for delinquencies. Through LCB, Thorwin Properties have the same capabilities that other credit grantors always had with major credit bureaus. 

Develop a Positive Tenant History: In the past, residents rarely receive extra benefits for paying rent on time, taking care of the place, and just being a good resident. When we report timely payments to LCB, residents benefit! LCB helps develop positive resident history, improve credit reports, and establish a verified rental history. 

Improve Your Credit Report­ – Good credit is important for your future. By having your on-time rent payments reported to credit bureaus, tenants can improve their credit report and help repair any poor credit history. 

Get the Place You Want – All landlords want to know that you are a responsible resident, paying rent on time and taking care of your place. Being proactive and showing them your verified history puts you ahead of the competition for the home you want. 

Monitor Your Records – Your records are important for your credit report and your future ability to rent housing. Make sure the reported information is accurate. You are able to receive notifications, check your records, and comment. 

An Overall Better Living Experience:  We will spend less time on administration and accounting and be able to focus that energy on making your hope the best possible home it can be!
 

For more information about the LCB, please visit their website: https://landlordcreditbureau.ca

For more information about the legal framework, please visit: https://landlordcreditbureau.ca/legal-framework-cdn/

For answers to frequently asked questions, please visit: https://landlordcreditbureau.ca/landlord-questions/
 

Check our communities to find a perfect place to live: https://www.thorwin.ca/ourproperties.aspx 

Follow our Community Board by bookmarking this page: https://www.thorwin.ca/blog/ 

Your Thorwin Properties Team

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