Zonetail announced that it has signed a reporting agreement with Equifax Canada, which allows property management companies to be able to submit rent payment data to Equifax Canada.
This will give tenants the opportunity to build their credit score. Multifamily property management companies (PMCs) and their tenants across Canada will be able to benefit.
Tenants whose PMCs offer the solution are given the option, for a minimal fee, to share their payment history with Equifax Canada.
Harmonizing how renters and PMCs can report rent payments for inclusion in consumers’ credit histories puts the financial mainstream within reach of more consumers.
“We are thrilled to be working with Equifax on this new initiative, as it can significantly help people who otherwise might lack the means of establishing or building their credit history,” said Mark Holmes, CEO of Zonetail.
“Rent is the single largest monthly expense for many households, yet many responsible renters don’t receive credit for on-time payments. Giving consumers the ability to report their monthly rent payments has the potential to help responsibly expand consumer access to credit opportunities and support a more inclusive economy,” Shawn Maidenberg, Head of Consumer Data Strategy, Equifax Canada.
“There is a real need for this in our industry,” said Ben Scott, Director of Operations for Starlight Investments, one of Canada’s largest multi-family Asset Managers. “In fact, we have had recent discussions internally about this exact topic and how we can help our residents establish credit.”
Zonetail will offer this service directly to multi-family Property Management Companies and their tenants, across Canada and the U.S.
Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.