Add 2 Years of Past Rent Payments to Your Credit Report With Borrowell

For the first time in Canada, renters can now add up to two years of previous rental payment history to their Equifax Canada credit report in one go with Borrowell’s new past rent payments service. 

Rent payments are usually a renter’s largest expense, with nearly half of renters we recently surveyed saying they spent an average of $1,000 to $2,000 every month. Over two years, this adds up to tens of thousands of dollars in rent paid. At Borrowell, we’ve always felt it was unfair that rent payments didn’t count towards your credit profile while homeowners build credit every month with their mortgage payments. Having strong credit is essential for access to financial products like credit cards, loans and mortgages.

Back in 2022, we launched Rent Advantage, enabling Canadians to report their rent payments to Equifax Canada, the country’s largest consumer credit bureau. Yet, we realized there was still more we could do to make the credit system fairer for renters. That's why we continued to innovate and seek new ways to support renters in building their credit history.

And today, that changes for the better. For the first time in Canada, renters can now add up to two years of previous rental payment history to their Equifax Canada credit report in one go with Borrowell’s new past rent payments service. This new service empowers renters to get recognition for their positive behaviour, which will especially help Canadians with new credit profiles and those who are trying to build credit history.

Learn more or sign up for past rent payment reporting.

How Does Reporting Past Rent Payments Benefit Your Credit?

Adding your rental history to your credit report can affect two of the five factors that determine your credit score:

• Payment History (35% of your credit score): Your payment history is like your track record of making payments on time, and it’s the single largest factor that affects your score. If you’ve been paying your rent on time over the past 24 months, then reporting those payments will extend that positive track record, allowing you to build on this really important factor of your credit score.

• Credit History (15% of your credit score): Adding up to two years of past rental payment history in one go can extend your credit history. A longer credit history sends a positive signal to potential lenders that you have experience with managing credit, meaning they’ll be more likely to approve you for credit products and often with better terms and interest rates.

How to Add Your Past Rent Payments to Your Credit Report

Follow these simple steps to report your past rent payments on your credit report to extend your credit history through Borrowell:

1. Enter Your Email: The first step to reporting your rent history on your credit report is to enter your email address at borrowell.com/rent-advantage. You’ll then receive an email inviting you to sign up.

2. Sign Up: Once you pay the $59 one-time fee, you’ll be prompted to provide proof of your past rent payments by uploading your lease and proof of payment (bank statements or rental receipts).

3. Report Your Payments: You can report up to 24 months of past rent payments from the period immediately before you submit your past rental information. These payments do not have to be consecutive or from the period immediately preceding enrollment in the service. For example, if you rented a place for six months, weren’t renting for six months, and have been renting again for the past 12 months, you would still be able to report the 18 months you were making rent payments, despite a gap between rentals.

4. Verification: Once you submit your lease information and bank statements or rental receipts to show that rent was paid, Borrowell will verify your documents and report your rent payments to Equifax Canada. You should see these payments reflected on your credit report within 1-2 months.

Do I Need to Involve My Landlord to Add my Rent to my Credit Report?

No, you don’t need to involve your landlord to report your rent through Borrowell. Borrowell is the only service in Canada that lets you report your past, current and future rent payments — all without landlord involvement. You simply have to provide your lease details and proof of payment through bank statements or rental receipts.

We know that trying to coordinate with your landlord isn’t always easy, so we wanted to empower Canadian renters to be able to take rent reporting into their own hands.

Is Reporting Past Rent Payments Worth It?

If you’re looking to build credit history so that you can get approved for more financial products, like credit cards, loans and mortgages, then being able to add up to 24 months of on-time payments in one go can be an excellent way to fast-track the process by extending your credit history.

The service may be particularly useful for renters who are building credit. For example, if you don’t have a long credit history because you’re new to Canada or a young adult, then being able to extend your credit history with your past rent payments could go a long way towards establishing yourself with credit.

Plus, if you pay the one-time fee of $59 and upload at least 12 months of rent payments, and you don’t see an improvement to your credit score, we’ll give you your money back! See the terms and conditions for details.

The Bottom Line

With Borrowell’s new past rent payment reporting service, Canadian renters can now use their rent payments to build credit history. By adding up to two years of previous rent payments to their Equifax Canada credit report, renters can finally get the recognition they deserve for their responsible financial behaviour. This service can open doors to better financial products and interest rates, but also paves the way for achieving important life goals. 

Find out more and get started on reporting your past rent payments today.