Prime Minister Justin Trudeau believes that people's rent payments should count toward people's credit scores, but his proposal has drawn mixed rea...
Prime Minister Justin Trudeau believes that people's rent payments should count toward people's credit scores, but his proposal has drawn mixed reactions.The proposal would make a unit's rental price history visible so renters can bargain appropriately. The government would also create a legal aid fund to help renters fight bad-faith evictions.
The proposal would also mean that credit bureaus must consider a renter's payment history when calculating their credit score, thereby allowing them to qualify for a mortgage. "If you've been paying that on time for years, that should count towards your credit score. Soon it's going to," said Trudeau in a video posted on April 20."We're going to change the rules of the game so you can report your rent payments towards your credit score so you can get a better mortgage so you can get a place of your own sooner."I agree with Trudeau on this.
But netizens pointed out that it's not just credit scores that are a barrier but saving up for a down payment while paying for"unaffordable rent." Building credit through rent is a good move but ...
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