When you cancel your monthly rent reporting subscription, here’s what to expect:
- Access Until Term End: You can continue to use your subscription until the end of your current subscription term. This means you can still report any rent payments made during this period.
- Reporting as Closed: After your subscription ends, your tradeline will be reported as closed to Equifax Canada in the following month. This update should reflect on your credit report within approximately four weeks.
- Retention of Rental History: The rental payment history that was reported to Equifax Canada, while your subscription was active, will remain on your credit report for up to seven years from the date of last activity.
- Missed Credit Building Opportunity: If you are still paying rent after cancelling, you may miss out on an ongoing opportunity to build your credit through timely rent payments.