1. First Things First
Harnessing all the benefits of Crehhub will take a while. It’s often hard to know Where To Start so we drafted a CHECKLIST of things to do first … and things to put off until later. It will at least give you a start as to What You Should Focus On In The Initial Weeks of your involvement with Credhub. Don’t bite off more than you can chew.
Remember this is a strategic issue meaning, it will take a year to have it completely figuired out and fully implemented. It’s a marathon not a sprint.
Credhub Enrollment Checklist
2. What the tenant signs
For 30 years we reported to Equifax without having the tenants sign anything.
Why? Because the bureau required we report every customer, not because the tenant signed something. The tenant doesn’t have to sign anything for you to report.
So, why get them to sign something? So they will pay you something. Do you need an acknowledgement signed if you’re not charging them? No. The acknowledgement is simply needed when they are going to pay you something. You get this document signed so you can make money, not so you can report them to the bureau.
The enrolling document should NOT be an addendum or exhibit to your lease. You do NOT want to make this part of your contract with the tenant. See Monica’s training video on this in the video library. It should be a stand-alone document that requires THEIR signature NOT YOURS. Let this agreement be between Credhub and the tenant. You don’t need to sign it as you don’t want to contractualize yourself to the performance of Credhub. You are simply notifying the tenant about what they pay and what Credhub does for them.
Watch the video with attorney Monica Gilory titled “never mentioning a third-party vendor in your lease.”
What the tenant signs to enroll in Credhub
3. Your cover letter to current tenants encouraging them to enroll.
This letter should be a celebration of your efforts to help them build their credit. It should entice them to enroll now and we lay out several strategies to encourage them to participate. If they prefer to wait, you set up an easy renewal by informing them it will be mandatory at renewal.
Watch our video on the training page called “How to Present Credhub to Current Tenants” and then tweak the cover letter as you like.
Engaging Current Residents in the Credhub Program
4. Dialogue for responding to pushback from tenants
If you present this Credit Care program properly you won’t get much pushback. Watch our training videos for the right and wrong way to explain it.
Use the term “Credit Care” instead of saying you’re reporting them to the credit bureau. Presentation matters.
When someone pushes back, this document will help train your staff how to respond. It’s easier than you think. These responses have been perfected over 30 years as we reported to Equifax and THEY WORK.
How to respond when tenants push back on Credhub
5. See how manager Pamela Greene introduced CredHub to her current tenants.
One of our clients in North Carolina created a cool flyer to introduce the Credhub program to her current tenants. She has allowed us to post it here for your use.
Tweak it to fit your company and model. (Thank you Pamela.)
6. Dealing with Co-Signers
Credhub completely changes how you’ll deal with co-signers. Now that you can affect the credit of the co-signer, you have lots of power over their responses to unpaid tenant charges both before and after move out. This changes everything, makes you a better manager and makes you more money.
The co-signer application and Guarantee document belongs to attorney Monica Gilory so you can download it for a small charge.
7. Never have a negative review again
This isn’t so much a Credhub issue as much as it is just a CYA strategy for you. We figured out 15 years ago how to eliminate bad reviews. It took us a while but we moved our BBB score from a C- to an A+ in 18 months and had a five-sStar rating with Google when we sold out to a fortune 500 company in 2015 with this document.
This document was drafted by attorney Monica Gilory so you can download it for a small charge.
8. Introducing the Official Notice of Approval
When you wonder how to disclose this service, you’ll figure it out over time or you can use the strategy we used for 20 years.
This document was drafted by attorney Monica Gilory so you can download it for a small charge
9. Letter to the owner announcing your membership to TransUnion and Equifax
Owners need to hear from you when you cross big finish lines and this is a big one. Celebrate it. Crow a little. Let them know you’ve been trying to get this very special membership for many years and finally have crossed the finish line. You deserve an applause so let them know.
10. Here is the dialogue you’ll have tenants when pursuing their current outstanding balance.
How to avoid making your tenants mad by reporting them to the credit bureau without giving them a chance to pay off their balance.