Understanding how to build your credit is important. Let us give you a quick breakdown.

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Who can use this feature

• All renters enrolled in the Openroom Rent Rewards Program </aside>

Table of Contents - Explore!

What is a Consumer Credit Report?

A credit report is a detailed record of your credit history, including your borrowing and repayment activities, outstanding debts, and payment behaviour.

It is compiled by credit bureaus (e.g. Equifax and TransUnion as the two largest ones in Canada) and used by lenders, landlords, and other financial institutions to assess your creditworthiness.

A strong credit report can help you qualify for loans, lower interest rates, and rental opportunities, while negative marks can make borrowing more difficult.

Example of an Equifax Consumer Credit Report

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See all of the details on how to read it and each component through Equifax.

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What is a tradeline for rent payments?

A tradeline is an individual account listed on your credit report, representing a line of credit or a financial obligation, such as a credit card, loan, or rental payment history.

Each tradeline includes details like the creditor’s name (e.g. your Landlord or Property Management Office), account balance, payment history, and account status. When you opt into rent reporting, your rental payments become a tradeline, helping to build your credit history if payments are made on time.