The Toronto-based fintech said renters will be able to use Borrowell Rent Advantage to report payments to Equifax Canada, allowing them to improve their credit scores. The service costs $5 per month. (The Logic)

Talking point: Rent payments aren’t always included in credit scores, although reporting that information to credit bureaus like Equifax can help consumers qualify for credit cards, loans and mortgages at better rates. According to a survey of 2,873 people that Borrowell conducted in June, 68 per cent of Canadians with credit scores lower than 660 were renters, compared with the national average of 32 per cent. Chroma, a Calgary-based startup, and the Landlord Credit Bureau have recently launched similar credit-building products in Canada, as businesses eye an opportunity to provide financial services tailored to renters.