• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Fintech.ca

Your Source for Canadian Fintech News

 
 
 
  • News
  • Interviews
  • Thought Leaders
  • Jobs
  • About

Victoria Fintech Billi to Help Establish Credit for Newcomers to Canada

November 7, 2022 by Fintech Newsdesk Leave a Comment

Newcomers to Canada are often at a disadvantage when it comes to building their credit.

Victoria, B.C.’s Billi Labs is addressing this issue with the launch of “Boost”, their new Credit Building Feature.

In partnership with the Institute for Canadian Citizenship, Billi has announced a new credit building service to support newcomers to Canada. Now, newcomers can report their rent payments directly to credit bureaus in order to establish credit in their first months of being in Canada.

Through this collaboration, newcomers can access Billi’s money-management platform, where they’ll be able to connect their bank accounts, and have Billi’s financial automation software report their recurring payments to credit bureaus.

Through Boost, residential rent payments are tracked and subsequently reported to Equifax Canada, one of the two major credit reporting bureaus in the country. Newcomers to Canada will now have the opportunity to establish and build their credit simply by paying their rent on time.

“Canada doesn’t recognize immigrants’ pre-Canada credit history. Home owners have always been able to establish and build their credit with mortgage payments, but most newcomers are renters,” notes Daniel Bernhard, CEO of the Institute for Canadian Citizenship.

“Billi’s new service that allows newcomers to convert rent payments into credit history will be a game changer for hundreds of thousands of newcomers, and, by extension, an incredible contribution to Canada’s long-term success. We’re proud to be a partner in this transformative initiative.”

Filed Under: News Tagged With: Billi Labs

 
 
 

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

 
 
 

Email Newsletter

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Founding Sponsors

Recent Posts

  • Improving Process and Payments in Real Estate Transactions… and Beyond
  • Levr.ai To Transform The Way Businesses Access And Manage Loans
  • Trulioo Launches New Global Identity Verification Platform
  • Fintel Connect Partners with MeridianLink to Enhance Growth for Financial Institutions
  • Montreal’s Blockstream Secures Capital to Expand Bitcoin Mining Operation

Copyright © 2023 Incubate Ventures | Privacy