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grte@lemmy.ca

Protection fund, bill of rights for renters coming; 'renters matter,' Trudeau says (www.winnipegfreepress.com)

submitted 7 months ago by grte@lemmy.ca to c/canadapolitics@lemmy.ca

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[–] mp3@lemmy.ca 13 points 7 months ago (1 children)

Trudeau told a small crowd at a Vancouver community centre that the government wants landlords, banks and credit bureaus to make sure rental history is taken into account on credit scores, giving first-time buyers a better chance at getting a mortgage, with a lower interest rate.

That's great.

[–] SamuelRJankis@lemmy.world 2 points 7 months ago (1 children)

The general concept is good. The current way credit scores is handled by two private companies is really bad so hope they do it differently.

And credit history is only part of what could get you favourable rates or even qualification for a loan. Income, loan ratios, assets and history with the financial institutions all play a role.

[–] mp3@lemmy.ca 3 points 7 months ago* (last edited 7 months ago)

Of course, but considering how much money renting a place is, it absolutely make sense to use that as an indicator of someone's ability to meet their obligations.