Our monthly rent reporting service reports to Equifax Canada, on a monthly basis. Here’s how the reporting process works:
- Initial Reporting: Once your first month's payment is reported, it may take up to 90 days for this initial update to appear on your credit report.
- Subsequent Payments: After the first payment, subsequent rent payments will be reported by the last business day of the following month, in which the rent payment was made. For example, if you make a rent payment in July, it will be reported by the last business day of August.
- Processing Time: Once your payment is submitted to Equifax Canada, it may take up to four weeks for those payments to reflect on your credit report, due to the credit bureau's processing time.
For past rent reporting, after your documentation has been received by our team, the information is sent to Equifax within one submission. From there, once Equifax completes its review, your information will be reported. Please note, it can take up to 30-90 days for your credit report to update.