Sometimes residents need a gentle reminder about why
paying the rent should be their top priority. Following are several of the ramifications that residents may face if they miss a rent payment:
• Possible eviction from community
• A paper trail record of poor rental history
• Denial of future mortgage or automobile loans or increased
interest rates charged due to derogatory item on credit
• Possible “future” rental application approval issues, including
a possible increase of security deposit fee
• Account could be sent to a collection agency
• Possible credit-report score dropping for consumer
• Possible additional sums due for interest and default charges as well as attorney’s fees if account is sent for legal action
• Possible problems gaining security clearance or having a security clearance revoked (this also applies for government workers, including military)
• Possible denial for application for student loans
• Trouble gaining employment with employers who pull credit report as part of the hiring process
• Possible lowering of credit limits and or increases in interest rates by credit card companies
Source: Hunter Warfield