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Paying rent, like mortgages, is usually a person’s biggest monthly fee. Historically, however, no renter has been able to earn credibility with a large payment like a homeowner.
The purpose of the new rental reporting platform is to change that. These platforms are the contacts between tenants and landlords and the credit bureau, so renters can build credit history and improve their chances of qualifying for mortgages when time comes.
“Your rent is your biggest monthly debt obligation, so it’s not fair because it doesn’t count on your credit,” said Viler Lika, founder and CEO of Singlekey, a rental service company.
Companies like Singleke, Zenbase, Borrowell and Frontlobby offer such rental reporting services, with different fees and requirements.
SingleKey works with landlords and real estate managers across Canada to screen over 15,000 rental applications per month. The landlord paid $30 for the tenant screening report, and the renter paid $8 per month to report their rent on a single-key platform.
“It’s a very powerful tool to graduate as a renter because you prove to the lender that you have the ability to pay a lot of money,” Lika said.
The platform can also accommodate pauses in rental reports, for example, when you may move back with your parents – without damaging your credit.
Lika believes that rent reports will make it easier for tenants to accommodate homes, while also reducing the risk of tenants’ crimes for landlords.
But Alex Leduc, CEO and chief broker of Toronto-based mortgage broker Perch, warned that such disclosures could bring about a range of problems of its own.
“if [you] Stop reporting, which will be a red flag for lenders who will dig deeper. ” he said. [you] Continue to report and arrears [your] Credit report, then [your] Therefore, credit scores may drop. ”
Leduc recommends not choosing a rental reporting plan if you expect to pay or even be a few days late.
“Otherwise, you’re just illuminating a bad repayment history that may not be attracting people’s attention,” he said.
However, Leduc believes that rent reporting can be beneficial, especially for long-term renters, new immigrants or aspiring home buyers, with little or no credit history.
“No credit score is a huge barrier to getting credit in full,” Ledoc said. “When you try to get a mortgage, you end up asking the lender to give you hundreds of thousands of dollars… they want to know that you have managed the credit successfully before.”
He said there are three key components of preparing for a mortgage application: credit score, down payment and income. Although down payments can often be resolved by receiving gifted funds from family members, poor credibility can be a “deal breaker.”
Credit ratings and credit scores are often misunderstood, said Stacy Yanchuk Oleksy, CEO of Currency Mentor.
Each of your credit products is given a credit rating. It is based on a ratio of one to nine, and one of them is the best (for example, you have to pay at least on your credit card). When you miss a payment, you increase the scale. A credit rating of nine debts will indicate collection or even bankruptcy.
All this information will promote your credit score – a triple-digit number from 300 to 900 can predict the likelihood of paying off your debt. The higher the score, the more “credible” you are.
Oleksy, who is also a certification consultant, says that it is often misunderstood what is building and hurting your credit score. She said:
“When you calculate your credit score, it looks at all available credits and says it’s debt because [theoretically] You can go to town tomorrow [and spend it]. ”
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Last modified: October 1, 2025
