But late payments, and damage to the property, can negatively affect a tenant’s credit rating.
The LCB launched in 2012 as a way for landlords to reduce risk ― and for responsible tenants to get a leg up in the market ― by sharing reports on tenants. But until now, its data was never reflected in tenants’ credit scores.
“Ninety-plus per cent of the records we get are positive in nature, so overwhelmingly landlords use this to reward tenants,” Killam said.
The service is now available in all provinces except Quebec, though Killam says it will be expanding there in the near future.
Correction: An earlier version of this article stated that Canada has principal consumer credit ratings agencies. It has two, Equifax and Transunion.