Build credit with your rent for only $5 a month
Sign up for Rent Advantage™. Pay monthly. Build your credit history.
*Only available to select Borrowell members at this time. Enter your email address to join the waitlist and get updates on Rent Advantage™.
How does Rent Advantage™ work?
Sign up for Borrowell to see if you're eligible.
Connect your bank account and confirm your rent payment.
Track your credit history in the Borrowell app!
Why is Rent Advantage™ helpful?
Build credit history with Equifax Canada
Qualify for this product even if you have a low or no credit score. No hard credit checks required.
Access financial products and at better rates in the future
Payment history plays the largest role in your credit score. Build credit history with rent payments you're already making.
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 2 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 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.
Note that Credit Builder is currently not available in Québec.
Borrowell Rent Advantage™ has a $5 subscription fee. This amount will be automatically billed to your connected bank account or credit card. There are no hidden fees or cancellation penalties. 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 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 within one week 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.