VANCOUVER – A federal government announcement that rental history could be used on a credit score is a “gamechanger” for those who have been faithfully paying their rent for years, s...
Trudeau told a small crowd at a Vancouver community centre that the government wants landlords, banks and credit bureaus to make sure rental history is taken into account on credit scores, giving first-time buyers a better chance at getting a mortgage, with a lower interest rate.
The general concept is good. The current way credit scores is handled by two private companies is really bad so hope they do it differently.
And credit history is only part of what could get you favourable rates or even qualification for a loan. Income, loan ratios, assets and history with the financial institutions all play a role.
Of course, but considering how much money renting a place is, it absolutely make sense to use that as an indicator of someone’s ability to meet their obligations.
That’s great.
The general concept is good. The current way credit scores is handled by two private companies is really bad so hope they do it differently.
And credit history is only part of what could get you favourable rates or even qualification for a loan. Income, loan ratios, assets and history with the financial institutions all play a role.
Of course, but considering how much money renting a place is, it absolutely make sense to use that as an indicator of someone’s ability to meet their obligations.