By Ian Bickis
The federal government’s commitment to have rent payments counted toward credit scores is being welcomed by companies that already offer the service, while renter advocates have raised concerns.
The plan to make the practice more widespread is encouraging, said Andrew Graham, chief executive of Borrowell.
“We’ve been saying for a couple of years now, how important it is for consumers to be able to report rental payments to build up their credit history, so I was pleased to see the government taking some action.”
Prime Minister Justin Trudeau said Wednesday that there’s something fundamentally unfair about paying $2,000 a month for rent, while those paying the same amount toward a mortgage earn equity in their home and build their credit score.
He said the government wants landlords, banks and credit bureaus to make…
