Borrowell Launches Program to Build Credit with Past Rent Payments for Canadian Renters

A new report from Borrowell found that 65 per cent of Canadian renters say they would be in a better financial position today if they had started building credit earlier.

To help Toronto’s Borrowell launched a new program today that will allow renters to submit up to 24 months of past rent payments to build credit history with a money-back guarantee.

It’s the first program in the country that allows renters to report past rent payments to Equifax Canada with no landlord involvement required.

Borrowell has launched the program to address the needs of the majority of renters who have been making consistent, long-term rental payments, with nothing to show for it when it comes to their credit profile.

The survey conducted amongst over 1,500 Borrowell members, who are renters, revealed that 65 per cent of renters say they would be in a better financial position today if they had started building credit earlier, and 87 per cent agreed that renters should be able to use rent payments to build credit history.

In 2022, Borrowell launched its Rent Advantage program, the first service in Canada helping renters build credit history by reporting timely rent payments without landlord involvement to Equifax Canada.

Today’s announcement adds a new reporting option that allow renters to use up to 24 months of past rent payments with a money-back guarantee if users don’t see a credit score improvement after payments are added to their Equifax Canada credit report. 

“We are thrilled to be offering Canadian renters even more options to build their credit and forge a path to financial success,” said Andrew Graham, CEO and Co-Founder of Borrowell.

“At Borrowell, we have seen more and more responsible, long-term renters come forward looking for options to build credit. We developed this program to make the credit system fairer for renters and have their track record of responsible financial behaviour be recognized on their credit profile. This service builds off our Rent Advantage program to allow even more Canadians to achieve their goals faster, like purchasing their first home.”

For a one-time fee of $59, Canadian renters can start building credit right away. The renter will receive a link to submit their lease details, as well as bank statements or rental receipts to prove timely rent payments. These details are reviewed by Borrowell before the information is submitted to Equifax Canada to add to the member’s credit report.