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Equifax Canada testing use of rental fee knowledge for credit score scores

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The company stated it has been testing small volumes of rental fee knowledge to evaluate its suitability.

An Equifax examine discovered that together with “different knowledge” might set up or improve the credit score scores for thousands and thousands of Canadians.

“Equifax Canada has been main the way in which and has been modelling how rental funds, identical to mortgage funds, might help construct a credit score rating,” Equifax Canada president and CEO Sue Hutchison stated in a information launch. 

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“That is so necessary 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 whole lot of their hard-earned cash towards hire. 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.

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In its price range final week, Ottawa known as on banks, fintechs and credit score bureaus to prioritize launching instruments that might permit renters to choose in to reporting their hire fee historical past.

This might assist extra renters turn out to be house house owners, 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. 

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