Rent Advantage is a credit building product that allows tenants to report their rent payments on their residence to Equifax Canada without landlord approval. This product has a subscription fee of $5 (+tax) per month.
Most rent reporting services in Canada require either landlord verification for payments or require you to make rent payments on their platform. Rent Advantage is different and verifies payments using electronic bank records, which removes the friction associated with landlord sign-up and approval.
Borrowell members can simply sign up for rent reporting by providing their lease details and connecting the bank account or credit card they use to pay their rent. All payments (including missed payments) are reported to Equifax Canada. On-time payments reported to the credit bureaus help build your credit, which can qualify you for lower interest rates and better offers on credit cards, mortgages, loans, and more. Your monthly subscription payments are automatically billed to your credit card on file, so you never have to worry about missing a payment. To start seeing benefits, we recommend you report at least six months of rent payments.
There is no hard credit check to apply. If you’re interested in Rent Advantage, you can sign up here.