If you forget to log in and confirm your rent payment for monthly rent reporting, here’s what to expect:
- Non Reporting: Your rent payment will not be reported to the credit bureau. This means that it will not impact your credit score, as only successfully confirmed payments are reported to Equifax Canada.
- Confirmation Period: You have a window of 25 days from your rent due date (typically the 1st of the month), to log in and confirm your rent payment. If you miss this confirmation period, there’s a chance that your payment will not be reported.
- Best Practices: To maximize the benefits of Rent Advantage and improve your credit score, it is recommended to confirm your rent payments each month. Regular confirmations help ensure that your rental history is accurately reflected on your credit report, which can positively influence your credit score over time.
It’s important to note, that this process will not affect past rent reporting members. Your rent documentation is requested/received upon sign-up, and there is no requirement to confirm your future rent payments afterward.