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Examples on how to update Lease Records when there is a debt.

FrontLobby Lease Records should be updated monthly.

 

Important

  1. A Premium membership is required to report a current Tenants' rental data to the Credit Bureaus.
  2. Rental data is reported in the middle of each month for the previous month (i.e. payment data from May will be reported after June 15th).
  3. You have until the 14th of each month to update the previous months data (i.e May balances must be updated by June 14).
  4. Rental status can be monitored in the Activity Tracker tab.
  5. Total Balance- this field should reflect the total outstanding debts for current and previous months.
  6. Only rent and utilities as outlined in the lease can be reported without a judgement or monetary order.
  7. For current Lease Records if no debt was outstanding last month, the balance defaults to start the new month $0.

To edit a Lease Record

  1. Login to your FrontLobby account.
  2. Open the My Leases tab.
  3. Search for and Click on the name of the Tenant.

 

Sample Tenant details for the rental payment examples below

Monthly Rent = $1,000

Rent Due = 1st of the month

 


 

If a current Tenant pays late

May 1- Rent is due but the Tenant doesn't pay anything. Enter $1,000 owing under the balance.

May 8- The Tenant pays rent in full. Update the lease record for May to indicate a $0 balance with a status of "Paid Late".

June 1- Rent is due and Tenant pays rent in full. No action is required as the system starts each new month with a $0 outstanding balance.

 


 

If a current Tenant misses one month's rent

May 1- Rent is due but the Tenant doesn't pay anything. Enter $1,000 owing under the balance.

June 1- Rent is due and Tenant pays June rent. Leave the balance in May as $1,000 owing as the debt was still owing at the end of the month. Update June's balance to $1,000 owing (May's rent).

June 5- Tenant pays $500 of the debt. Update June balance to $500.

June 15- May's balance of $1,000 may be reported to the Credit Bureaus.

June 25- Tenant pays the final $500 of the debt. Update June balance to $0 paid late.

July 1- Rent is due and Tenant pays rent in full. No action is required as the system starts the new month with a $0 outstanding balance.

 


 

Current Tenant doesn't pay for several months

May 1- Rent is due but the Tenant doesn't pay anything. Enter $1,000 owing under the balance.

June 1- Rent is due but the Tenant only pays $500. Leave May's balance at $1000 and enter $1500 owing for June ($1,000 for May + $500 for June = $1,500).

June 15- May's balance of $1,000 may be reported to the Credit Bureaus.

July 1- Rent is due and the Tenant pays July rent. Leave June balance at $1,500 and enter $1,500 as the outstanding balance for July (May + June rent).

July 15- June's balance of $1,500 may be reported to the Credit Bureaus.

Aug 1- Rent is due and the Tenant pays August Rent. Leave July Balance at $1,500 and enter $1,500 as the outstanding balance for Aug (May and June rent).

Aug 10- The Tenant pays $500 towards debt. Update August balance to $1,000 ($1,500 - $500 = $1,000).

Aug 15- July's balance of $1,500 may be reported to the Credit Bureaus.

Sept 1- Rent is due and the Tenant pays all outstanding debts. Enter $0 balance paid on Time for September. Leave August balance as $1,000.

Sept 15- August's balance of $1,000 may be reported to the Credit Bureaus.

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