Equifax Canada is exploring how rent data could factor in to credit scores to help make credit and financial services accessible to more people.
The agency said it has been testing small volumes of rental payment data to assess its suitability.
An Equifax study found that including “alternative data” could establish or enhance the credit scores for millions of Canadians.
“Equifax Canada has been leading the way and has been modelling how rental payments, just like mortgage payments, can help build a credit score,” Equifax Canada president and CEO Sue Hutchison said in a news release.
“This is so important for young Canadian consumers, new Canadians and other underserved consumers.”
The federal government announced last month it wants to see rental payment history count toward credit scores.
“Renters matter, and young Canadians put a lot of their hard earned money…
