ÐÇ¿Õ´«Ã½

Business

Equifax Canada testing use of rental payment data for credit scores

A for rent sign is displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. (THE CANADIAN PRESS/Sean Kilpatrick) A for rent sign is displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. (THE CANADIAN PRESS/Sean Kilpatrick)
Share
TORONTO -

Equifax Canada is exploring how rent data could factor in to credit scores to help make credit and financial services accessible to more people.

The agency said it has been testing small volumes of rental payment data to assess its suitability.

An Equifax study found that including "alternative data" could establish or enhance the credit scores for millions of Canadians.

"Equifax Canada has been leading the way and has been modelling how rental payments, just like mortgage payments, can help build a credit score," Equifax Canada president and CEO Sue Hutchison said in a news release.

"This is so important for young Canadian consumers, new Canadians and other underserved consumers."

The federal government announced last month it wants to see rental payment history count toward credit scores.

"Renters matter, and young Canadians put a lot of their hard earned money toward rent. We think that should count for a lot more," Prime Minister Justin Trudeau said when he announced several initiatives to help renters on March 27.

In its budget last week, Ottawa called on banks, fintechs and credit bureaus to prioritize launching tools that would allow renters to opt in to reporting their rent payment history.

This could help more renters become homeowners, the government said, as a history of on-time rental payments could strengthen credit scores and make it easier to qualify for a mortgage or a lower interest rate.

Equifax said including rental payments in credit scores will help make credit and mainstream financial services more accessible.

"Renters are a growing part of the Canadian economy and it's time they are recognized for making their rent payments on time," Hutchison said.

Ottawa's announcement was welcomed by some companies, including Equifax Canada, while advocates for renters said it could be a double-edged sword.

Elizabeth Mulholland, chief executive of charity Prosper Canada, said many people are struggling with higher rental costs and may not always be able to pay their rent on time.

Because of that, it's important people have control over whether they want to share rental data with credit bureaus, Mulholland said.

"If you just blanket build it in, that could be problematic for a lot of low income people and vulnerable people," she said.

-- With files from Ian Bickis

This report by The Canadian Press was first published April 23, 2024.

CTVNews.ca ÐÇ¿Õ´«Ã½

Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

Canada

  • Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

  • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

  • The RCMP is seeking the dismissal of three officers who have been suspended from the Coquitlam detachment since June 2021 over allegations of racist, sexist and homophobic comments made in a group chat.

  • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

  • Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

  • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

World

Politics

Health

  • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes 'indescribable' pain, she struggles to maintain the will to live.

Sci-Tech

Entertainment

  • Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

  • It was the last show for longtime children's TV star Ron (Buck Shot) Barge Friday as hundreds of family, friends and fans attended a public memorial in Calgary.

Business

Lifestyle

  • When Bernard Morissette got a call from Loto-Quebec on Sept. 18 and was asked if he was sitting down, he had no idea what was coming his way.

  • An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

Sports

  • The Winnipeg Blue Bombers have won five in a row. The Edmonton Elks have won five of their last six games. They are the two hottest teams in the West. When they meet Saturday at Commonwealth Stadium, something has to give.

  • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

  • F1 star Max Verstappen punished over bad word

    Formula One points leader Max Verstappen was ordered to 'accomplish some work of public interest' after uttering an inappropriate word Thursday at the news conference ahead of the Singapore Grand Prix.

Autos

Local Spotlight

Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.

An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.

They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

  • The RCMP is seeking the dismissal of three officers who have been suspended from the Coquitlam detachment since June 2021 over allegations of racist, sexist and homophobic comments made in a group chat.

  • Advocates have identified the woman who died this week after being shot by police in Surrey, B.C., as a South American refugee who was raising a young daughter.

  • On the day he spoke to one of his largest audiences to date, the leader of the BC Conservatives made an exceptionally misleading statement around a well-publicized funding model for political parties that’s been in place since 2018.

  • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

  • The parents of a teenager who died after allegedly consuming the poisonous products of a Mississauga man are now suing him, as well as several doctors involved in her care.

  • One person was rushed to the hospital with life-threatening injuries after a multi-vehicle collision in Milton, Ont. on Friday night.

  • The man charged with fatally stabbing lifelong Banff resident Ethan Enns-Goneau in 2022 has been convicted of second-degree murder.

  • Environment Canada issued a frost advisory for Calgary late Friday afternoon.

  • It was the last show for longtime children's TV star Ron (Buck Shot) Barge Friday as hundreds of family, friends and fans attended a public memorial in Calgary.

  • Agreement in principle has been reached to build a new NHL arena at LeBreton Flats has been reached between the Ottawa Senators and the National Capital Commission (NCC), the two sides announced Friday.

  • For years, the commute to Ottawa's west end was one of the biggest complaints for attending fans. But those who live in Kanata and in the immediate LeBreton area say the move would be a big change their respective neighbourhoods.

  • Ottawa police are investigating a shooting downtown Friday afternoon.

  • Three men were injured after trying to subdue a man armed with a knife during afternoon prayers at a Montreal-area mosque Friday afternoon.

  • When Bernard Morissette got a call from Loto-Quebec on Sept. 18 and was asked if he was sitting down, he had no idea what was coming his way.

  • A man who asserted his right to work in French has won his case before the Tribunal, invoking the new provisions of the province's French-language law (Bill 96) to that effect.

  • Two Edmonton Police Service officers have been criminally charged in connection with an assault.

  • Roughly 100 people gathered in an Edmonton intersection on Friday in support of – and against – the 1 Million March for Children.

  • The Fairmont Jasper Park Lodge announced Friday it is now accepting reservations from guests for accommodations beginning Oct. 1.

  • A 15-year-old boy who was the subject of an emergency alert in New Brunswick has been arrested.

  • Halifax Regional Police warned the public of a series of high-value thefts targeting retail stores Friday.

  • Air travel is back in full swing at the Halifax Stanfield International Airport.

  • The search for a missing six-year-old boy in Shamattawa is continuing Friday as RCMP hope recent tips can help lead to a happy conclusion.

  • A plane approaches the grass runway at Harv’s Air School south of Steinbach. Nothing is getting in the way of a clear, smooth landing, but owner Harv Penner worries, that could soon change.

  • The University of Manitoba's College of Dentistry is dealing with some unexpected consequences from the federal government's new Canadian Dental Care Plan

  • Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.

  • Regina police are responding to a collision involving a motorcycle on Friday evening.

  • Five Regina schools were placed into lockdown or secure the building mode following a report of a weapons investigation at Miller High School on Friday.

  • Protests were held in front of Kitchener City Hall on Friday, both for and against LGBTQ2S+ inclusive education and queer rights in schools.

  • The provincial government is considering new rules to restrict a municipality’s ability to install new bike lanes if it means traffic lanes would be removed.

  • A new scam is being reported in communities across the country.

  • Hospital beds in hallways, supply shortages in the neonatal intensive care unit, and operating rooms being put on hold are some of the concerns nurses are voicing, according to the Saskatchewan Union of Nurses (SUN).

  • The Saskatchewan RCMP major crimes unit is investigating after a 29-year-old man died in hospital.

  • A garage fire in Saskatoon’s Willows neighbourhood on Friday narrowly missed igniting an attached home, according to the fire department.

  • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

  • Police have arrested an 18-year-old woman who allegedly stole a Porsche and then ran over its owner in an incident that was captured on video.

  • A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.

  • A man is in hospital with life threatening injuries following a collision between a motorcycle and a vehicle on Friday afternoon.

  • NEW

    NEW

    Under intense cross-examination from Crown Attorney Jennifer Moser, the embattled former Mayor of Woodstock stuck to his story denying that he ever did anything inappropriate to his female accuser.

  • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

  • Provincial police investigating the death of a cat that was allegedly set on fire in Orillia earlier this week released surveillance video of a person of interest in the case.

  • A jury has found a Barrie man guilty of second-degree murder for the stabbing death of a man at a Banff bar two years ago.

  • The Special Investigations Unit (SIU) is searching for the occupants of a vehicle caught on security cameras during a fatal police-involved shooting on Goyeau Street.

  • Windsor police say a 25-year-old mother has been charged with the drowning death of her 5-year-old child in the family’s backyard pool.

  • The federal government is investing $18.4 million dollars into the region.

  • A home has been transformed for the benefit of a B.C. neighbourhood, by a man who was transformed by the caring of his community.

  • When the federal government announced all open net fish farms on the British Columbia coast need to be out of the water by 2029, it also promised to produce a draft transition plan by the end of July. It missed that target by seven weeks.

  • New Democrat Leader David Eby has launched his British Columbia election campaign a day early, making the key battle ground of Surrey his first stop.

  • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

  • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

  • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

  • After a summer of preparation, the Lethbridge Hurricanes are ready to open the 2024-25 season.

  • As a new semester is underway, Lethbridge Polytechnic and the University of Lethbridge say the number of students on campus is on the rise.

  • A Lethbridge resident is facing charges after police seized drugs and weapons at a traffic stop for bicycle equipment violations.

  • A 26-year-old driver from Surrey, B.C., has been charged with three counts of criminal negligence causing death and bodily harm in a crash that killed two youths in northern Ontario last year.

  • Ontario Provincial Police say three suspects from southern Ontario have been charged and drugs worth $300,000 have been seized following a traffic stop Sept. 16.

  • A Brampton driver, 27, was charged this week when northern Ontario police stopped the SUV he was driving on Highway 17 after a reported shooting and found more than $100,000 in cash.

N.L.

Shopping Trends

The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

Stay Connected
Follow CTV News