How to improve your credit score with rent payments in Canada

Several tools and services in Canada are emerging to help renters report on-time payments to credit bureaus, aiding in credit establishment without incurring debt. Rent reporting tools can record rent payments with Equifax and TransUnion, benefiting those with poor or no credit history. This practice can improve credit scores, enhance access to loans and mortgages, and encourage financial discipline. Positive reports can lead to significant score increases, making financial opportunities more accessible for renters, especially newcomers and younger individuals.