Billi Boost: Using Rent Payments To Boost Your Credit Rating
Can you build your credit history simply by paying rent? Absolutely. Click here to get started.
In Canada, those who own their homes can build credit with on-time mortgage payments, but one in three Canadian’s rent their homes and, as such, are at a disadvantage in building credit. We want to change that.
Currently in Canada, 99% of rent payments are not reported to the credit bureaus. We thought about this and began to ask ourselves, “What if those rent payments could be used as a way to boost your credit rating? What if 99% of all renters actually had access to credit building simply by continuing to pay their rent on time?”
Well, thanks to Billi, now they do. Introducing Billi Boost.
Billi is now aligned with Canada’s major credit bureaus to allow renters to report their payments directly through Billi, giving Canadians access to a major credit building tool.
Monthly rent payments are one of the largest expenses we have, so why not get “credit” for paying it?
Now, you might be wondering....
Is Billi Boost for me?
If you are a renter seeking to establish or build positive credit, then Billi Boost may help. Although we can’t specify the exact increase, generally the lower your credit score, the bigger the impact you’ll see. Our members have reported increases of over 50 points.
How do I qualify for Billi Boost?
It’s simple! You only need three things to use Billi Boost:
1. Billi account.
2. Valid rental agreement.
3. Bank account that you use to pay your rent, which you’ve connected to your Billi account.
Why is increasing your credit score important?
• A good credit score gives you access to lower interest rates for car loans, mortgages, credit cards and other types of loans.
• Encourages companies to waive or reduce deposits to open utility or cell phone accounts.
• May increase your credit limits.
• Increases your desirability as a tenant.
How much does Billi Boost cost?
Our goal is to make Billi Boost financially accessible to every Canadian, which is why we’ve kept the cost to only $4.95 per month, and can be cancelled at any time.
We believe that every tenant who pays their rent on time should also have the opportunity to build their credit score. Historically, rent hasn’t been included on credit reports, but at Billi, we are elevating rental payments to the same status as consumer loans, mortgages, and credit card payments. And our rent-paying members reap the benefits.
This is yet another tool in Billi’s kit to help realize our vision of bringing financial wellness to all Canadians. And we invite you all along for the ride! You can see what we’re exploring on our roadmap or by following the journey on Twitter and Discord.