By reporting your rent payments to Equifax with Credit Builder, you are adding new tradelines to your credit report. By adding on-time rent payments to your credit report, you are helping your credit score by:
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​Improving your payment history.

By consistently paying your rent on time, you are showing potential lenders that you can be trusted with credit. On-time payments have the most positive impact on your credit score, and, the more there are the better!
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​Increasing your credit mix.

On-time payments aren’t the only factor for a positive credit score, diversifying the types of credit on your credit report also has a positive impact on your credit score by showing that you can juggle multiple types of credit at the same time.
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​Lengthening your credit history.

Getting started building your credit history can be challenging, often requiring you to take on debts you might not really need. If you’re new to credit (or “credit-invisible” in Canada), and you’re already paying rent, you can use that to start building credit history without resorting to debt.