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.”
Federal government calls on credit bureaus, banks and fintechs to help renters
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 home owners, 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.
