Equifax increases collaboration with SingleKey to revolutionize the Canadian rental sector

In a significant move to enhance housing accessibility, Equifax Canada and SingleKey have deepened their collaboration to integrate the Global Consumer Credit File. This partnership is designed to make the rental market more transparent, accessible, and empowering for both renters and landlords.

Rebecca Oakes, the Vice President of Advanced Analytics at Equifax Canada, and Viler Lika, Founder and CEO of SingleKey, announced the expanded partnership. The integration will bring three distinct Equifax solutions to SingleKey customers, including Credit Health, which helps renters monitor their credit information.

One of the key innovations is Rental Credit History. This feature will enable tenants to build their credit profiles by reporting rent payments directly to Equifax Canada. As a result, more than 180,000 Canadian renters are projected to gain free access to Credit Health in 2025, enhancing housing accessibility, improving financial literacy, and increasing credit transparency.

Landlords will also benefit from the integration, gaining access to the most comprehensive tenant screening reports. This will provide them with better tenant insights and risk management tools.

"These innovations will help renters build their credit history and potentially gain access to more housing opportunities," said Viler Lika. Renters will also gain tools to monitor their credit and build a stronger financial future.

Equifax is committed to providing more inclusive financial opportunities. The partnership between Equifax and SingleKey emphasizes the importance of financial inclusion and moving people forward. Working with SingleKey is driving innovation in the rental space, according to Equifax.

SingleKey currently processes over 15,000 rental applications per month, and the partnership aims to ensure that renters have the same opportunities to build credit as homeowners. The integration is a significant step towards breaking down barriers to housing accessibility.

The Global Consumer Credit File allows newcomers to leverage foreign credit history when applying for housing in Canada, further expanding the potential benefits of the partnership. The partnership between Equifax and SingleKey continues to drive innovation in the rental space, making it easier for renters to build credit and access housing opportunities.

Equifax increases collaboration with SingleKey to revolutionize the Canadian rental sector