Breaking New Ground: Credit Empowerment Program Launches

Thousands of renters in British Columbia have demonstrated a strong track record of repaying their rent bank loans on time. However, until now, these efforts have not contributed to a renter’s credit history, meaning there has been a lost opportunity to use successful loan repayments to build or improve their credit scores.

A new partnership between BC Rent Bank and Binta Financial changes this. Now, eligible renters who have repaid their rent bank loans can have that positive repayment history reported to Canada’s major credit bureaus, like Equifax. This helps ensure that responsible financial behaviour is appropriately reflected in the individual’s credit profile – and at no cost to the participant.

The importance of credit reporting 

Credit scores play a critical role in determining access to essential services and opportunities. From securing rental housing to qualifying for mobile phone plans or car loans, a strong credit profile can significantly influence financial stability. 

The program offers several key benefits: 

• Recognition of financial responsibility: Renters who have fulfilled their loan obligations will now see that commitment acknowledged through improved credit reporting. 

• Improved access to services: A stronger credit score can facilitate access to a broader range of financial products and services. 

• Security and transparency: The program operates with a high standard of data security and transparency, ensuring that participants’ information is handled responsibly. 

About the partnership 

This initiative is the result of a collaboration between BC Rent Bank, local rent bank partners and Binta Financial, Canada’s leading platform for credit empowerment. 

By aligning credit reporting practices with demonstrated financial responsibility, this partnership represents a meaningful advancement in supporting renters across the province and ensuring equitable access to the tools necessary for long-term financial well-being. 

Program eligibility and participation 

The Credit Empowerment Program is eligibility-based and currently being offered to renters who have repaid their rent bank loans on an invite basis. Plans are being made to open the program up more broadly next year to include those in active repayment of their rent bank loan.   

With the program launched just a few weeks ago, nearly one hundred renters have already taken BC Rent Bank up on their offer to have their rent bank repayment reported. It’s through initiatives such as this that BC Rent Bank and Binta Financial hope to build a stronger B.C. for everyone.