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.”