For the first time in Canada, renters will be able to use their rent payments to help to build their credit history thanks to a new program from Borrowell. renting
It’s no secret that owning a home in Canadian cities has become increasingly out of reach. in many cities make it difficult to save to become a homeowner — rents can cost more than some monthly mortgage payments. and the prospect of ever owning a sliver of property may be a daunting one for Canadian renters.
The payment history on someone’s credit report is the largest factor in determining their credit score, which is an important factor considered by lenders to assess a borrower’s credit-worthiness. When the Borrowell Rent Advantage program launches next month, renters will be able to use good payment behaviour on their substantial rent payments to count towards building payment history and therefore potentially qualifying for better rates on loans, mortgages, and credit cards in the future.
There was a loud and clear need for such a service to disrupt the credit industry. There are 3.8M Canadians with credit scores of 660 or under; a June survey of Borrowell members found that of those with this credit score range, 68% were renters compared to the Canadian average of 32% of households being renters, according to Statistics Canada.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canada needs a united Conservative Party of Canada, not a divided oneThe ongoing Conservative leadership election is the party's third in seven years. During this time, it has lost three successive federal elections to the Liberals. At the start of the leadership race in January, it was hoped that the next leader would unite the party and be the prime minister in waiting, especially given that
Read more »
SickKids doctors implanted the first total artificial heart for a child in CanadaA year after the first total artificial heart implant was completed, Mariam Tannous’s family and her team of doctors at Sick Kids Hospital share their experience
Read more »
Opinion: Canada keeps making labour market mistakes by missing recession-era opportunitiesDuring economic downturns, government programs focus too narrowly on income support. Instead, we must invest equally in reskilling workers when it’s much cheaper to do so
Read more »
Mental health experts say Canada should have a three-digit suicide crisis hotlineThe new 988 mental health hotline American authorities launched on Saturday will, once fully operational, offer residents struggling with suicidal thoughts an easy-to-remember number that will connect them with trained mental health counsellors rather than law enforcement personnel
Read more »
EDITORIAL: Hockey Canada must show accountabilityThe reputation of Canada’s most treasured sport has been bruised and battered.
Read more »
Shootings, abortion, Trump: Are fed-up Americans getting serious about moving to Canada?American Jo Kreyling, who is actively planning to move her family to Vancouver Island, says a number of issues are \u0022all impacting the No. 1 idea of, ‘It’s…
Read more »