Log In
Sign Up

In partnership with

Embark Logo

Build credit with your rent

Borrowell is offering Embark users the chance to report their rent and build credit history for just $8/month.

  • Build credit so you can access more credit products at better rates.
  • Take on no additional debt. Use rent that you're already paying monthly.
  • Easy setup. No credit checks. No hidden fees. Cancel anytime.
Get Rent Advantage™
A phone screen with an illustrated image of a young woman holding a phone and a key. Coming out of the phone is a speech bubble that contains a dial with an arrow pointing updwards.

Below the image of the young woman, text reads:

Rent Advantage. Build your credit history without debt. Use your rent payment. No hidden fees, cancel any time.

How much could Rent Advantage improve my credit?

How much does rent reporting improve your credit score?

Rent Advantage members who made on-time payments on all accounts saw an average credit score increase of 32 points within 7 months.*

How does it work?

A yellow button that reads "sign up".

Sign up for Borrowell Rent Advantage

Confirm your lease details and connect the bank account you use to make rent payments.

Three items in a list. The second item is highlighted in blue and shows an illustration of a house with a dollar sign.

Confirm your rent

Make your rent payments on time and log in to the Borrowell app to confirm your payment.

A credit score dial with a arrow point upwards.

Watch your credit grow

We'll report your rent payments Equifax Canada to help build your credit history.

Why is Rent Advantage helpful?

A node with antennae, transmitting signals. On the front of the node is an illustration of a key.

Build credit history with Equifax Canada

Good credit history can help you get lower rates which will save you money in the long run.

Two credit cards

Access financial products and at better rates in the future

Get access to better credit cards with higher rewards, and lower rates on loans and mortgages.

A house with a checkmark over it. Above the house is a key.

Easy setup, cancel any time with no fees

No cancellation charges. No additional debt. No landlord approval required.

To start seeing benefits, we recommend you report at least six months of rent payments.

Rent Advantage FAQs

Borrowell is trusted by over 3 million Canadians. We've partnered with Equifax Canada, one of the two major credit bureaus in Canada to launch Rent Advantage, which is a credit history building product that allows tenants to report their rent payments on their residence to Equifax Canada without landlord approval. Borrowell Rent Advantage will only report to Equifax Canada.

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 banking records, which removes the headache associated with landlord sign up and approval.

You can sign up for Rent Advantage quickly and simply by providing your lease details and connecting the bank account or credit card you use to pay your 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 help you to qualify for lower interest rates and better offers on credit cards, mortgages, loans, and more.

Your monthly subscription payments are billed automatically to your credit card on file, so you never have to worry about missing a Rent Advantage payment. To start seeing benefits, we recommend you report at least six months of rent payments.

Borrowell Rent Advantage has a monthly subscription fee. This amount will be automatically billed to your connected bank account or credit card. There are no hidden fees or financial penalties for cancelling. If you cancel Rent Advantage, you may use your subscription until the end of your current subscription term, then your tradeline will be reported as closed to Equifax Canada.

Your credit history impacts your daily life and influences almost every financial move you make. Good credit history helps you access five major things:

  • Lower interest rates: Lower mortgage rates, car loans, and personal loan interest rates make your monthly payments lower, freeing more space in your budget for saving and spending.

  • Better credit terms: Higher approval chances for credit means you can make financial decisions about your future with confidence, whether you need additional funds for school, home renovations, or a new car.

  • Higher credit limits: You'll automatically qualify for higher credit limits, which gives you more financial flexibility in an emergency and makes it easier to maintain a reasonable credit utilization rate.

  • Top-tier financial products: You’ll have much higher chances to qualify for premium credit cards, such as rewards cards and cashback cards, along with other top-tier financial products.

  • Rental applications: Landlords often require a copy of your credit report as part of your rental application; in a competitive real estate market, having stronger credit can help indicate you’ll be a reliable tenant.

Reporting your rent payments with Rent Advantage helps boost several different factors that help determine your credit score:

  • Payment History: Your payment history is your track record of how successful you’ve been at making credit payments, and is the single biggest factor that makes up your credit score. By making your rent payments on time and having them reported to Equifax Canada, you’re building a solid payment history, signalling to lenders that you can be trusted with credit.

  • Credit Mix: Your credit mix refers to the various types of credit accounts that make up your credit report. By adding an open tradeline for rent reporting, you’re diversifying the different types of credit on your report, which indicates that you are able to successfully manage multiple credit accounts.

  • Credit History: If you’ve never had a credit product before and Rent Advantage will be the first tradeline on your credit report, then you’ll also be building your credit history. The longer your history with credit, the more trustworthy you’ll be seen by potential lenders when assessing whether or not to lend to you.

Your first rent payment will be reported by Borrowell to the credit bureau (Equifax Canada) in the following month after you make your Rent Advantage subscription payment. After that, the information will be reported monthly.

Borrowell Rent Advantage reports to Equifax Canada, the largest consumer credit bureau in Canada.

Embark is Excited to Partner with Borrowell

Embark and Borrowell want to help you improve your financial health and get rewarded for paying your rent on time. Thanks to this partnership, Embark users can now build credit with their rent payments using Rent Advantage.

Get Rent Advantage™

Rent Advantage in the news