Credit bureaus are testing the inclusion of rent payments in credit scores, saying it’s a positive move launched by Ottawa. But critics fear the move could compound the issues faced
Credit bureaus are testing the inclusion of rent payments in credit scores, saying it’s a positive move launched by Ottawa. But critics fear the move could compound the issues faced
Translation: The 2 private companies that monopolize peoples credit ratings says they’re very happy that the federal government pushed even more business and influence their way.
For anyone wondering. If you wish to make a complaint, contact your provincial or territorial consumer affairs office. The federal government doesn’t regulate credit bureaus.
Lol two greedy companies who don’t have to actively do anything nor take accountability for any neglect on their part are of course happy to get more data and data points for nothing. Color me surprised.
What I don’t understand is how people are completely complacent with this solution which is supposed to make housing more attainable.
As a country we are not new to dealing with loans, credit, nor credit history. The system has been around for a long time.
The problem is not people having too poor of a credit score or thin of a credit history to be able to obtain a mortgage from a bank. It’s the basic fact that if you’re Canadian you are going to be fucked financially in at least 3 different ways at any given time.
To simplify I know companies will never pay employees what they are actually worth. It’s a nonsense game of carrot or crop. But if the cost of living wasn’t so high it makes reaching for a dream easier.
Now back to this rent reporting program. Who is this program actually for? Its not for people with an established credit/loan history. For people that currently have bruised credit, adding rent payments to it isn’t going to help in any way. Going to take 7 years for whatever that bruised the score to fall off regardless of whatever it was.