El Nino weakening doesn't mean cooler temperatures this summer, forecasters say
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Equifax Canada is exploring how rent data could factor in to credit scores to help make credit and financial services accessible to more people.
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."
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 homeowners, 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.
Equifax said including rental payments in credit scores will help make credit and mainstream financial services more accessible.
"Renters are a growing part of the Canadian economy and it's time they are recognized for making their rent payments on time," Hutchison said.
Ottawa's announcement was welcomed by some companies, including Equifax Canada, while advocates for renters said it could be a double-edged sword.
Elizabeth Mulholland, chief executive of charity Prosper Canada, said many people are struggling with higher rental costs and may not always be able to pay their rent on time.
Because of that, it's important people have control over whether they want to share rental data with credit bureaus, Mulholland said.
"If you just blanket build it in, that could be problematic for a lot of low income people and vulnerable people," she said.
-- With files from Ian Bickis
This report by The Canadian Press was first published April 23, 2024.
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
A 15-year old boy who was critically injured after a stabbing in Nepean on Thursday has died of his injuries, Ottawa's English public school board said Sunday.
Police say it’s fortunate no one was injured or killed in a collision at North Vancouver’s Park and Tilford shopping centre Saturday evening that sent one vehicle careening into a flower shop and another into a set of concrete barriers outside a Winners store.
The Maple Leafs battled back from a 3-1 series deficit against the Boston Bruins with consecutive 2-1 victories - including one that required extra time - in their first-round playoff series to push the club's Original Six rival to the limit before suffering a devastating Game 7 overtime loss.
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Three people have died and two have been hospitalized after a speeding car struck a tree and landed on another vehicle in Fredericton Sunday morning.
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
Madonna put on a free concert on Copacabana beach Saturday night, turning Rio de Janeiro's vast stretch of sand into an enormous dance floor teeming with a multitude of her fans.
Thieves killed two Australians and an American on a surfing trip to Mexico in order to steal their truck, particularly because they wanted the tires, authorities said Sunday.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
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A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
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Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
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