Having said that, reporting for as long as possible allows you to build a strong payment history which has the biggest impact on your credit score calculation.
There is a low-cost monthly subscription fee of $5, which you can cancel anytime without penalty. With Rent Advantage, renters can sign up and connect their bank account where they make rent payments. Borrowell launched Rent Advantage in July 2022, the first service in Canada that lets renters self-report their monthly rent payments to Equifax – no need to involve your landlord or upload a lease. Nestled inside Canada’s favourite free credit score app is a feature that lets you hack your rent to build credit. Through its app users can get instant access to their accounts, transfer money, and monitor their spending through a variety of features that help them reach financial goals. The company’s goal is to make managing money simpler, faster, and more transparent. KOHO is a Toronto-based neobank that gives you the ability to access your funds, manage your finances, and earn both cash back and banking-beating interest on every dollar you spend and save.
Best credit building subscriptionĬredit Building is also available at $7/month with the Essential and Extra plans as well as $5/month with the Everything plan. This helps protect your credit score from the negative impact of hard credit checks and rejected applications for products you don’t qualify for. Once your account is activated, you can start receiving weekly updates on your credit score, track changes and what caused them, and get valuable insights about what's impacting your score.īorrowell will analyze your credit profile and make personalized recommendations for credit products and other banking services that you are most likely to qualify for. To access your credit score for free, you can create an account in less than 3 minutes by answering a few identity verification questions. Currently, Borrowell offers Equifax credit reports based on a 300-850 score range and 2.0 Risk Score, which helps you assess your creditworthiness and take actionable steps to improve it. Borrowell is the go-to credit score app in Canada, serving over a million people by providing free credit reports at the touch of a button.
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