Examples on how to update Lease Records when there is a debt.
FrontLobby Lease Records should be updated monthly.
Important
- A Premium membership is required to report a current Tenants' rental data to the Credit Bureaus.
- 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).
- You have until the 14th of each month to update the previous months data (i.e May balances must be updated by June 14).
- Rental status can be monitored in the Activity Tracker tab.
- Total Balance- this field should reflect the total outstanding debts for current and previous months.
- Only rent and utilities as outlined in the lease can be reported without a judgement or monetary order.
- 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
- Login to your FrontLobby account.
- Open the My Leases tab.
- 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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