HomeLoansBorrowell to start reporting rent payments to Equifax Canada

Borrowell to start reporting rent payments to Equifax Canada

A for rent sign outside a home in Toronto on July 12.COLE BURSTON/The Canadian Press

Canada’s tenants will soon be able to have their monthly rent payments included in their credit histories.

Fintech company Borrowell Inc. announced on Tuesday it will begin reporting rent payment information to Equifax Canada, one of the country’s two main credit bureaus, before the end of July. The service, called Borrowell Rent Advantage, will be available to those who have a user account with the company for a $5 monthly fee.

“As a renter, you don’t get credit for making those payments on time because the credit bureaus aren’t able to see them,” said Andrew Graham, chief executive and co-founder of Borrowell, which offers Canadians free Equifax credit-score checks and matches them with loans and credit products for which they may qualify. “For the first time in Canada, we’re allowing…

Read more at www.theglobeandmail.com

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