Canadians now have the option to build their credit scores via rent payments

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Mortgage Agents in High River

Eight years after Canadians first became able to use their mortgage payments to build their credit scores, a similar option now exists for those who rent.

The Toronto-based Landlord Credit Bureau, which is used by 30,000 landlords and property managers across Canada and the U.S., is partnering with Equifax Inc. to create an online portal that tracks a tenant’s rent payments so that the resulting data can be incorporated into credit files. Either tenants or landlords, who are tasked with updating their tenants’ profiles on a monthly basis with on-time or missed payments, can sign up to use the service.

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Original Article Source Credits:   FinancialPost , https://financialpost.com/

Article Written By:  Victor Ferreira

Original Article Posted on:  Sep 29, 2020

Link to Original Article:  https://financialpost.com/personal-finance/rent-payments-build-credit-scores

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