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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.
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.
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.
Orrr. Or. Orrr. Hear me out. That's what they'll eventually sell it as, but what's actually going to happen is people who don't have like 10y behind them will pay more because they'll be deemed "high risk."
Just like any company/and every bank that uses these systems in the first place.