this post was submitted on 25 Apr 2024
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Missed rent payments could soon damage your credit score — and tenants’ advocates are very concerned (www.thestar.com)
submitted 10 months ago by lautan to c/canada
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Credit bureaus are testing the inclusion of rent payments in credit scores, saying it's a positive move launched by Ottawa. But critics fear the move could compound the issues faced

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[–] [email protected] 22 points 10 months ago (1 children)

Since credit scores are intended to quantify risk to potential lenders, I would assume that missing rent payments is definitely not a good sign to that end

[–] [email protected] 3 points 10 months ago (1 children)

I think there is also upside here by formally allowing renters to positively affect their credit history through consistent renting.

Homeowners and credit card owners can improve their credit via consistent payments, why not renters?

(Yes, I do know there are ways to have your lease impacting your credit but they aren't a default and many renters would benefit from the credit boost this could enable)

[–] [email protected] 2 points 10 months ago

I agree completely. Though any debt of any sort has the ability to affect your credit, at least in the USA. A judgement entered against you for a debt can be reported (or detected by) credit rating agencies which will adversely affect your credit.