If you miss a rent payment while subscribed to monthly rent reporting, it’s best to address the missed payment promptly with your landlord. Only successfully paid rent payments will be reported to Equifax Canada. Any missed payments will not be reported on your behalf.
Here are the key points regarding missed payments:
- Action Required: Contact your landlord as soon as you realize a payment has been missed, to arrange for its prompt payment.
- Impact on Credit: While on-time payments contribute positively to your credit score, missed payments may not be reported, but they can affect your overall rental relationship and future credit opportunities, if they become habitual.
With past rent reporting, your rent/lease information is gathered within your initial submission (after signing up). As such, it will not be necessary to confirm your rent each month.