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Equifax® Canada and FrontLobby Complete First Rental Tradeline Survey, The Canadian Business Journal

TORONTO, September 13, 2022 (GLOBE NEWSWIRE) — front lobby and Equifax® Canada joined forces in 2018 to launch a rent reporting program. Today, the two organizations are releasing multi-year research showing that rent reporting via FrontLobby brings significant benefits to the financial well-being of her more than five million renting households in Canada.

According to Equifax, more than 3 million people over the age of 18 in Canada are estimated to be “credit blind”, and these individuals either don’t have a credit file or the credit information on file produces a credit score. is insufficient. An additional 7 million people may have two or fewer credit accounts in his credit file. This means they are considered to have a limited credit history or fall into a “thin” credit file. Individuals with invisible or limited credit information on file have difficulty accessing credit products and housing and may pay higher interest rates, which can lead to cycles of economic stress. It may be made permanent.

Equifax Canada’s findings, which looked at a subset of consumers using the FrontLobby platform, found that 48% of renters who reported through the platform are now scoreable based solely on rental data reported to Equifax. This means that nearly half of renters using FrontLobby only have rental information and no other credit accounts listed on their Equifax credit report. If these individuals stop reporting him through FrontLobby, he may lose sight of credit over time unless additional credit is procured and he is reported to Equifax.

A renter’s credit profile credit payment history is often one of the most important factors in determining a credit score. Financial institutions and housing providers commonly use credit scores to verify the creditworthiness of renters. Tenants with lower credit scores may be less likely to have access to credit cards, mortgages, or loans at competitive interest rates, or be less likely to be selected for their rental property of choice.

“By using FrontLobby to report rental information to Equifax, 48% of these renters were able to establish an Equifax credit score based solely on the rental information reported. Being able to provide a clear rent payment history may help lenders better assess the economic opportunity for consumers,” said Sandy Kyriakatos, Chief Data Officer at Equifax Canada. . “This could have potentially life-changing benefits for these consumers when applying for credit at critical times such as applying for a mortgage, financing their education, or buying a car. .”

The study also showed that consumers reporting their rent through FrontLobby can result in a higher credit score, and this can happen within the first six months.

FrontLobby co-founder Zac Killam said: Provide equal opportunity for all stakeholders in the rental community. “

Equifax is a global data, analytics and technology organization. FrontLobby is a rapidly growing fintech company that offers renters and home providers the opportunity to report monthly rent payment data to credit bureaus such as his Equifax. Together, FrontLobby and his Equifax aim to help renters and home providers improve their financial health.Interested consumers can sign up here.

About the front lobby:
FrontLobby’s mission is to empower the businesses and lives of home providers while enriching the lives of renters. FrontLobby provides housing providers with the means and tools to attract quality tenants, reduce the frequency and impact of delinquencies, and increase operational efficiency, while providing tenants (who are looking to establish or rebuild credit) with credit. improve and provide a liberating way to access financial institutions. Benefit for yourself and your loved ones. http://frontlobby.com

About Equifax
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics and technology company, we play a vital role in the global economy by helping financial institutions, businesses, employers and government agencies make important decisions with confidence. A unique combination of differentiated data, analytics, and cloud technology drives insights that drive decisions that move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates and invests in 24 countries across North America, Latin America, Europe, and Asia Pacific. For more information, visit Equifax.ca.

contact address:

[email protected]

Heather Agarwal | Equifax Canadian Media Relations
[email protected]

CBJ Newsmaker

Equifax® Canada and FrontLobby Complete First Rental Tradeline Survey, The Canadian Business Journal

Source link Equifax® Canada and FrontLobby Complete First Rental Tradeline Survey, The Canadian Business Journal

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