Late Payment reporting...

[flhxi]

Hi. What's the procedure for reporting late payments to a Credit Bureau? Here's the situation. We sold land to a developer in the fall of '05. We're holding the contract on the sale which has a section discussing late fees. He's suppose to make quarterly payments. Everything went fine for the first 2 years. But last summer he was 2 weeks late with his payment with no additional late payment attached. Then last fall he was a month late at which time we asked he include the late payment and he did. This winter he is going on 6 weeks late with no commitment to a payment date along with no remorse. He attributes it to cash flow problems. Isn't there someone we can report this behavior to so it will at least show up on his credit report? I'm looking for a way to get his attention before we start having the conversation about contract termination. Thanks.

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