The company stated it has been testing small volumes of rental fee information to evaluate its suitability.
An Equifax research discovered that together with “different information” might set up or improve the credit score scores for hundreds of thousands of Canadians.
“Equifax Canada has been main the way in which and has been modelling how rental funds, similar to mortgage funds, will help construct a credit score rating,” Equifax Canada president and CEO Sue Hutchison stated in a information launch.
“That is so vital for younger Canadian shoppers, new Canadians and different underserved shoppers.”
Federal authorities calls on credit score bureaus, banks and fintechs to assist renters
The federal authorities introduced final month it needs to see rental fee historical past depend towards credit score scores.
“Renters matter, and younger Canadians put a number of their hard-earned cash towards lease. We expect that ought to depend for lots extra,” Prime Minister Justin Trudeau stated when he introduced a number of initiatives to assist renters on March 27.
In its funds final week, Ottawa referred to as on banks, fintechs and credit score bureaus to prioritize launching instruments that may enable renters to decide in to reporting their lease fee historical past.
This might assist extra renters turn out to be residence homeowners, the federal government stated, as a historical past of on-time rental funds might strengthen credit score scores and make it simpler to qualify for a mortgage or a decrease rate of interest.
