What Is Rent Reporting?

Rent reporting is the process of submitting tenants’ on-time (or late) rent payments to major credit bureaus, such as Equifax and TransUnion. Historically, only credit products like loans or credit cards affected a person’s credit score. Now, rent payments can also help build or impact a tenant’s credit history. This is a welcome development if you are one of the thousands of tenants in Ontario who finds themselves saying “… but I always pay my rent!” Now you can provide proof.

Why Does Rent Reporting Matter?

• On-time rent payments can help you build a stronger credit profile, making it easier to qualify for loans, mortgages, or other credit products in the future.

• An increased credit score may make it easier for you move in the event of life changes.

• If payments are on-time and up to date, a landlord needs your permission to report to credit agencies. If you’re payments are late, no permission is needed to report.

• Not all property management companies or small property owners offer rent reporting. This service can be costly and requires additional administrative resources to implement.

• The reporter, in this case your landlord, has no influence in how credit agencies use the data provided. While we can report, we can’t guarantee that on time payments will make up for previously missed payment elsewhere.

Caraden Management is proud to offer rent reporting options for tenants. It’s an opportunity to turn a major monthly expense into a credit-building asset.