@cbcnews: In its upcoming budget, the federal government is proposing changes so that if you make rental payments on time, it will count toward your credit score. This is part of new measures aimed at protecting tenants and helping them be able to own a home. But a certified credit counsellor is asking whether it will have "teeth." Scott Terrio, a manager with credit counselling and debt relief firm Hoyes Michalos & Associates, says having a track record of rental payments could improve your case to be “loanworthy” to banks. Adding rent to your credit history is possible through the Landlord Credit Bureau, which operates in B.C., Alberta, Saskatchewan, Manitoba and Ontario on a voluntary basis. If you volunteer, your landlord reports your rent to the credit bureau which reports it to agencies like Equifax or TransUnion. Terrio says pick up on the voluntary system has been low. #Credit #Rent #Finances
CBC News
Region: CA
Thursday 28 March 2024 22:52:05 GMT
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Geo :
This changes nothing, prices are still too high to own a place and this won’t bring down rents.
2024-03-29 00:04:50
36
Jenny 🇬🇾🇳🇬 :
I’m a small landlord how do I do this?
2024-03-28 23:35:08
1
Nicky sisn :
My landlord wants us now to pay using e transfer probably he wants to not declare the income 😏
2024-03-28 23:18:58
13
Teddd :
Banks are foaming at the mouth right now. Another opportunity for them to cash in. Trudeau just added to bank execs bonus cheques
2024-03-28 23:36:54
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Malachi Jah Waxman :
People who pay rent have always been able to buy a place, but now if you don’t pay rent everyone will know including landlords. Thanks Justin.
2024-03-30 18:27:39
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Brent Rook :
The banks won’t necessarily accept those scores .
2024-03-29 20:09:19
1
user67042856579046 :
it will also hurt if you don't pay
2024-03-28 23:14:42
4
Jonathan :
What about when they’re late all the time?
2024-03-29 02:46:11
2
Mari Elizabeth Rose 🇨🇦 :
you can report your own rent payment for $8 a month. so can your landlord. I've been asking for years and my landlord refuses.
2024-03-29 13:27:14
2
aces and eights custom piant :
it has its hangups but in the long run I think it will help landlords and tenants. be a lot less ppl not paying if they know it hurts credit but it will also give opportunity to get out of renting
2024-03-29 14:16:08
2
David :
Imagine your credit tanking because you want to fight a bad faith eviction or demand a repair. This gives landlords coercive powers
2024-03-29 12:21:59
5
mercyswifeuwu🇵🇸 :
How does this help renters. Just asking for more debt
2024-03-29 04:44:19
1
Jules ♑️ :
So let’s rent for $3000/m when you can get a mortgage for $1500/m - but we’ll never be able to afford a house anyway so what’s the point?!?
2024-03-29 16:07:03
1
Neff :
Rent control per square foot.
2024-03-29 09:09:32
4
elina bobeena :
This is great. Now Canadians need fixed rate mortgages.
2024-03-28 23:05:23
4
Marina Pedreno :
What if I pay rent in cash? How does they track that?
2024-03-29 18:15:10
2
iliceralot :
how's that going to do anything good when there's no place to rent and I'd there is you can barely afford to stay there
2024-04-02 11:51:34
1
bajwahr0001 :
You can already do this on borowell 😂 you can add your rent payment on the borowell aap. People have no idea about anything
2024-03-31 03:33:48
1
judejasson :
perfect😂😃☺️
2024-03-29 19:22:31
1
Timmi18 :
It changes one thing for sure the government has control of your banking or should i say Digital banking ?
2024-03-29 16:30:14
1
Frank Goita :
Give us more business days for processing some bank transactions. would solve a lot of issues imo.
2024-03-28 23:27:08
1
WesTheBear :
banks are over and obsolete good luck
2024-03-29 06:03:13
2
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