this post was submitted on 25 Apr 2024
109 points (99.1% liked)

Canada

7280 readers
138 users here now

What's going on Canada?

Related Communities

🍁 Meta

🗺️ Provinces / Territories

🏙️ Cities / Local Communities

Sorted alphabetically by city name.

🏒 SportsHockey

Football (NFL): incomplete

Football (CFL): incomplete

Baseball

Basketball

Soccer

💻 Schools / Universities

Sorted by province, then by total full-time enrolment.

💵 Finance, Shopping, Sales

🗣️ Politics

🍁 Social / Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage: lemmy.ca

founded 4 years ago
MODERATORS
[email protected]
109
Missed rent payments could soon damage your credit score — and tenants’ advocates are very concerned (www.thestar.com)
submitted 8 months ago by [email protected] to c/[email protected]
12 comments fedilink hide all child comments
 

Credit bureaus are testing the inclusion of rent payments in credit scores, saying it's a positive move launched by Ottawa. But critics fear the move could compound the issues faced

you are viewing a single comment's thread
view the rest of the comments
[–] [email protected] 12 points 8 months ago (1 children)

I feel there should be a freeze period, like if you miss 1 payment due to paycheck delay or something would make sense, if you miss 6mo of payment there's probably a problem.

[–] [email protected] 4 points 8 months ago (1 children)

I don’t think it’s been announced exactly how this will work but in general nothing is reported to credit bureaus until it’s at least 30 days past due. So it’s not like being a week late paying your rent once is going to trash your credit score.

And yeah, if you’re more than a month behind on rent that seems like it’s probably a bad sign for your creditworthiness?

[–] [email protected] 6 points 8 months ago (2 children)

Unless you where having a dispute with the landlord and where withholding rent for some reason.

[–] [email protected] 6 points 8 months ago

Except that credit scores have 0 interest in whether they're fair to the person being scored. They are profitability scores for potential lenders to evaluate doing business with someone. To that end, a lender won't care if you had a legitimate grievance against the landlord. Withholding rent even through escrow for lease violations is still likely to be viewed as problematic behavior and they wouldn't want to risk you doing the same to them.

[–] [email protected] 1 points 8 months ago

Afaik, you can't just decide to withhold rent when there's a dispute. This would give landlords an enforcement tool other than suing and eviction, though, since that is necessary to get that enforced.