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Build credit with your rent for only $5 a month

Sign up for Rent Advantage. Pay monthly. Build your credit history.

*Only available to select Borrowell members at this time. Enter your email address to join the waitlist and get updates on Rent Advantage™.

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A mobile phone screen showing an illustration of a woman holding a key. Next to her is a credit score dial with an arrow pointing upwards. Text on the phone screen reads: "Rent Advantage. Build your credit history without debt. Use your rent payment. $3 per month. No hidden fees, cancel any time." Below this text, there is a blue button that reads "Get Started".

How does Rent Advantage™ work?

A yellow button that reads "sign up".

Step 1

Sign up for Borrowell to see if you're eligible.

Three items in a list. The second item is highlighted in blue and shows an illustration of a house with a dollar sign.

Step 2

Connect your bank account and confirm your rent payment.

A credit score dial with a arrow point upwards.

Step 3

Track your credit history in the Borrowell app!

Why is Rent Advantage™ helpful?

A node with antennae, transmitting signals. On the front of the node is an illustration of a key.

Build credit history with Equifax Canada

Qualify for this product even if you have a low or no credit score. No hard credit checks required.

Two credit cards

Access financial products and at better rates in the future

Payment history plays the largest role in your credit score. Build credit history with rent payments you're already making.

A house with a checkmark over it. Above the house is a key.

Easy setup, cancel any time with no fees

No cancellation charges. No additional debt. No landlord approval required.

To start seeing benefits, we recommend you report at least six months of rent payments.

Rent Advantage™ FAQs

Borrowell is trusted by over 2 million Canadians. We've partnered with Equifax Canada, one of two major credit bureaus in Canada to launch Rent Advantage™, which is a credit building product that allows tenants to report their rent payments on their residence to Equifax Canada without landlord approval. Borrowell Rent Advantage™ will only report to Equifax Canada.

Most rent reporting services in Canada require either landlord verification for payments or require you to make rent payments on their platform. Rent Advantage™ is different and verifies payments using electronic bank records, which removes the friction associated with landlord sign-up and approval.

You can sign up for Rent Advantage quickly and simply by providing your lease details and connecting the bank account or credit card you use to pay your rent. All payments (including missed payments) are reported to Equifax Canada. On-time payments reported to the credit bureaus help build your credit, which can qualify you for lower interest rates and better offers on credit cards, mortgages, loans, and more. Your monthly subscription payments are automatically billed to your credit card on file, so you never have to worry about missing a payment. To start seeing benefits, we recommend you report at least six months of rent payments.

Borrowell Rent Advantage™ has a $5 subscription fee. This amount will be automatically billed to your credit card that is connected. There are no hidden fees or cancellation penalties. If you cancel Rent Advantage™, you may use your subscription until the end of your current subscription term. Then your tradeline will be reported as closed to Equifax Canada.

It may not seem like your credit history impacts your daily life, but your credit history influences almost every financial move you make. Good credit history helps you access four major things:

  • Lower interest rates: Lower mortgage rates, car loans, and personal loan interest rates make your monthly payments lower, freeing more space in your budget for saving and spending.

  • Better credit terms: Higher approval chances for credit means you can make financial decisions about your future with confidence, whether you need additional funds for school, home renovations, or a new car.

  • Higher credit limits: You'll automatically qualify for higher credit limits, which gives you more financial flexibility in an emergency and makes it easier to maintain a reasonable credit utilization rate.

  • Top-tier financial products: You’ll have much higher chances to qualify for premium credit cards, such as rewards cards and cashback cards, along with other top-tier financial products.

Read the Borrowell Rent Advantage press release for more information. For media inquiries, please contact [email protected].