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Rent Reporting Terms and Conditions

By using the rent reporting service(s) provided by Borrowell Inc. (“Borrowell”), you are agreeing to be bound by the following terms and conditions (“Terms and Conditions”). You must agree to these Terms and Conditions in order to use our rent reporting service(s). 

1. Rent Reporting Service

Borrowell provides tenants with the ability to report rent payments for their residence to Equifax Canada Co. (“Equifax”) and/or another consumer reporting agency, if available. As part of this service, Borrowell will help you identify your rent payment whether that is through you connecting your Financial Account (as defined in these Terms and Conditions) on the Borrowell Website and/or App, through manual rent confirmation or through other means. Borrowell reserves the right to determine what type, amount and form of rent payment will be accepted as part of our rent reporting service(s) (including sufficient rent confirmation).

As part of our rent reporting service(s), Borrowell offers the ability for members to (1) report their rent payments on an ongoing basis as part of our Rent Advantage™ service (“Rent Advantage”); and/or (2) report past rent payments for up to twenty-four (24) months (“Past Rent Payments”).

For Past Rent Payments, you may confirm your past rent payments or indicate that you missed your rent payment for up to the past twenty-four (24) months  (the “Historical Information”) from the time you signed up for Past Rent Payments or your rental information is submitted by you and verified by Borrowell, whichever is later. Please note that if you are an existing Rent Advantage member and subsequently sign up for Past Rent Payments, the prior twenty-four(24) month period starts from the time you signed up for Past Rent Payments or your Past Rent Payments rental information is submitted by you and verified by Borrowell, whichever is later. As such, it may not be possible for you to report a fresh twenty-four (24) months of Historical Information as previously reported payments will fall within the same window. For Rent Advantage, each month, you are required to confirm your rent payment or indicate that you missed your rent payment and submit the status on the Borrowell Website and/or App (the “Monthly Information”). The Historical Information and Monthly Information shall both constitute “Submitted Information” under these Terms and Conditions. 

If you fail to indicate your status, Borrowell may report that you missed your rent payment to Equifax and/or another consumer reporting agency, if available, and such missed payment will also be considered Submitted Information for the purposes of these Terms and Conditions. As such, it is important that you confirm the Submitted Information to Borrowell to avoid a missed payment being reported. You are responsible for the Submitted Information and agree that, under no circumstances, will Borrowell be liable in any way for any Submitted Information, including but not limited to, any errors in any Submitted Information or any loss of any kind incurred as a result of the use or transmission of any Submitted Information made through the use of our rent reporting service(s). 

While Borrowell takes all commercially reasonable steps to report data correctly to Equifax and/or another consumer reporting agency, if available, according to their instructions and methods, Borrowell cannot guarantee the accuracy of the data on your credit report.  Further, Borrowell does not guarantee that your credit score will improve by using our rent reporting service(s), as many factors can influence your credit score such as payments on other accounts, credit utilization and credit inquiries. For Rent Advantage, Borrowell recommends that you report your Monthly Information for at least 6 months. For Past Rent Payments, Borrowell recommends that you report your Historical Information for at least 12 months.

Borrowell reserves the right to limit the availability of our rent reporting service(s) to any geographic area or jurisdiction, at any time and in our sole discretion. 

2. Consent to Connect Financial Account to Confirm Rent Transactions

If you decide to confirm your rent by linking  the bank account you pay rent out of (“Financial Account”)  using one of our third-party service providers, we will receive your account transaction history, balance information, and/or other information maintained by the financial institution you link to (“Financial Account Information”) in order to enable rent reporting to Equifax and/or another consumer reporting agency, if available. 

By using our rent reporting service(s), you authorize Borrowell to access this Financial Account Information and you expressly authorize such third-party service providers to disclose your Financial Account Information to us. Should you use this automatic linking, your account data (including account credentials) may be shared with the third-party service provider, in accordance with their privacy policies. By using our rent reporting service(s), you are also agreeing that you are responsible for keeping your passwords and usernames for this Financial Account Information secure and for keeping those passwords and usernames up to date. You acknowledge that any Financial Account Information that is displayed through our rent reporting service(s) will be the information we most recently accessed, and that this information may not reflect pending transactions or other recent activity.

If you do not provide the Submitted Information for a given month, either by connecting your Financial Account, manual rent confirmation or other means, Borrowell may report that you missed your rent payment for that month and/or terminate or suspend your access to our rent reporting service(s). As such, it is important that you confirm the Submitted Information to Borrowell for each month to avoid a missed payment being reported. Borrowell shall use commercially reasonable efforts through e-mail, phone, text or other means to remind you to provide the Submitted Information, but it is your responsibility to do so on a consistent basis.

Borrowell may be unable to provide you access to our rent reporting service(s) if for any reason (i) we are unable to connect your Financial Account or (ii) you are unable to confirm your rent payment. 

3. Consent to Transferring Personal Information and Rent Payments

You agree and consent to Borrowell transferring your personal information and Submitted Information, including missed rent payments, to Equifax and/or other credit reporting agencies, if available, for inclusion on your credit report as a new tradeline. We cannot guarantee that credit bureaus or credit scores will use the Submitted Information. The use and impact of the Submitted Information will depend on the consumer reporting agency’s or other credit score providers’ proprietary model and may not be the same score used by third parties to assess your creditworthiness. You acknowledge that after you sign up  for Rent Advantage it may take up to 4 weeks for the tradeline to appear on your credit report. Afterwards, your Submitted Information should appear on your credit report within the calendar month following your submission date. 

4. Your Obligation to Provide Accurate and Complete Rent Information

In order to provide our rent reporting service(s), Borrowell must use reasonable efforts to verify the accuracy of the lease and rent payments. In order to use our rent reporting service(s), you agree to:

  • Provide true, accurate and complete information as required during enrollment;

  • For Rent Advantage, maintain your account by logging in each month to confirm your rent payment or report that you missed your rent payment, as the case may be;

  • For Past Rent Payments, confirm your rent payments for up to 24 months;

  • Ensure that the Submitted Information is true and accurate;

  • Provide us with a copy of your lease record and contact information of your landlord upon request by Borrowell, without delay, to confirm details of your rent payments and lease; and

  • Keep your information updated by contacting us or by updating your settings.

You acknowledge that by failing to confirm your status and/or provide the Submitted Information, Borrowell may terminate or suspend your access to our rent reporting service(s). You authorize Borrowell, through e-mail, phone, text or other means, to directly and through third parties, to make any inquiries we consider necessary to verify your rent details. This may include asking you for further information, requiring you to take steps to confirm ownership of your Financial Account and contacting your landlord or property manager to verify such information. If we cannot verify your information to the extent we deem necessary, we may decide, in our sole discretion, to not allow you to use our rent reporting service(s).

In the event that you falsify information, or provide inaccurate, untrue, or incomplete information, Borrowell may, at its sole discretion, suspend or terminate your access to our rent reporting service(s) and deny any future access to our rent reporting service(s). Such termination may include deleting Submitted Information previously provided and/or removing the tradeline on your credit report. Borrowell may also block your Account (as defined in the Borrowell Terms of Use), at its sole discretion.

5. Cancellation by You

You may cancel Rent Advantage at any time through your Borrowell Website and/or App settings. Alternatively, you can cancel  by contacting us at [email protected], but we recommend that you cancel through the Borrowell Website and/or App. Please note that it may take up to 3 business days to process the cancellation request.  If you cancel Rent Advantage, you may use your subscription until the end of your then-current subscription term.

6. Termination by Us

EXCEPT WHERE PROHIBITED BY LAW, INCLUDING THE PROVINCE OF QUEBEC and in addition to the events of termination detailed in Section 4 of these Terms and Conditions, Borrowell may terminate or suspend your access to our rent reporting service(s) at any time, with or without cause, in Borrowell’s sole discretion and without notice. 

Without limiting the foregoing, Borrowell may, in its sole discretion, terminate or suspend your access to our rent reporting service(s) if Borrowell determines that: 

  • You are in breach of or otherwise acting inconsistently with these terms and conditions;

  • You are engaging in fraudulent or illegal activities or other conduct that may result in liability to Borrowell;

  • You have provided false, inaccurate, untrue or incomplete information; 

  • You fail to pay the fees to Borrowell for our rent reporting service(s); or

  • Borrowell ceases to provide our rent reporting service(s) or any material portions thereof.

Upon termination of our rent reporting service(s), to the extent permitted by applicable law, you will not receive a partial or full refund of the fees. 

7. Limitation of Liability

THE LAWS OF CERTAIN JURISDICTIONS, INCLUDING IN THE PROVINCE OF QUEBEC, DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LEGAL WARRANTIES, LIABILITY OR CERTAIN DAMAGES OR LIMITATIONS OF REPRESENTATIONS MADE CONCERNING GOODS OR SERVICES. IF THESE LAWS APPLY TO YOU, SOME OR ALL OF THE BELOW EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. IN SUCH CASE, EXCLUSIONS/LIMITATIONS WILL APPLY TO THE GREATEST EXTENT CONSISTENT WITH APPLICABLE LAW.

Borrowell is not responsible for how the credit bureau(s) may manage or use the Submitted Information provided to them. You hereby agree to hold Borrowell harmless against any such claims. Once the information is transmitted from Borrowell to the credit bureau(s), the credit bureau(s) will obtain an ownership interest in that data.

If you cancel your subscription or are inconsistent in confirming the Submitted Information, your credit history may be negatively impacted. Borrowell shall not be liable for any claims, charges, demands, damages or adverse impacts on your credit score or credit history if you stop using our rent reporting service(s).

8. Fees and Billing

You agree to pay Borrowell the applicable subscription fees and taxes as outlined during enrollment for our rent reporting service(s). All applicable fees and taxes are in Canadian currency. Borrowell works with a third-party payment processor (“Payment Processor”) to process your subscription payments. You authorize the Payment Processor to charge your credit card or other account that you have designated (“Payment Source”). You further authorize the Payment Processor to automatically charge your Payment Source on a monthly basis for access to Rent Advantage until you cancel. If you do not pay your monthly subscription fee, your account will be considered delinquent and Borrowell will suspend your access to Rent Advantage until the fees are collected. After 30 days of a delinquent account, Borrowell may terminate access to Rent Advantage and/or remove the tradeline from your credit report. We are not responsible for any overdraft/overlimit charges or bank fees triggered by your payment being processed.

To the extent permitted by applicable law, we may, from time to time, modify, amend or supplement the fees for our rent reporting service(s) and its billing procedures and any such changes shall be effective immediately by sending you an email or by posting the updated terms on the Borrowell Website and/or App. YOU ACKNOWLEDGE AND AGREE THAT TO THE EXTENT PERMITTED BY APPLICABLE LAW ANY APPLICABLE FEES AND OTHER CHARGES ARE NON-REFUNDABLE IN WHOLE OR IN PART. YOU ARE FULLY LIABLE FOR ALL CHARGES TO YOUR PAYMENT SOURCE, INCLUDING ANY UNAUTHORIZED CHARGES.

You must cancel your subscription before it renews in order to avoid billing to your Payment Source of the subscription fees for the next billing cycle. If you cancel a subscription, you may use your subscription until the end of your then-current subscription term. Please note that we may require up to 3 business days to process the cancellation request. 

9. Changes to Terms and Conditions

EXCEPT WHERE PROHIBITED BY LAW, INCLUDING THE PROVINCE OF QUEBEC, we reserve the right to amend these Terms and Conditions, at our sole discretion, at any time and may notify you by sending you an email or by posting the updated terms on the Borrowell Website and/or App. You should check these Terms and Conditions periodically for changes. All changes shall be effective upon posting and shall supersede any prior versions. Your continued use of the website after any change to these Terms and Conditions constitutes your acceptance to be bound by any such changes.  In the event you do not agree to the changes, you may cancel your Rent Advantage subscription in accordance with Section 5.

10. Privacy

Your privacy is important to us. Borrowell will collect, use and disclose your personal information in accordance with our Privacy Policy.

11. Contact Us

If you find that any rent information on your credit report is incorrect, please contact us and we will assist in investigating the issue or filing a dispute with Equifax and/or other credit reporting agencies, if applicable. If you have questions regarding these Terms and Conditions you may contact us at [email protected], by calling us at 1-888-408-0480, or by mailing us at 1 University Ave, 3rd Floor, Toronto, Ontario, M5J 2P1.