I can’t pay my rent. Will this affect my credit?
In most cases, not paying your mortgage or rent, or paying it late, would lower your .
In Ontario, the main reporting agencies are TransUnion and Equifax. These agencies collect information about your and bill-paying history. Your landlord, bank, credit union, or mortgage broker can report to TransUnion or Equifax any time you miss a mortgage or rent payment.
If you didn't make your mortgage or rent payment on time, you can ask TransUnion or Equifax to let you explain why and to include the explanation in your credit file.
When future lenders or landlords ask about your payment history, they will see the reason for your missed payment.
To file a statement on your TransUnion report, call 1-800-663-9980. You can also do this by mail by following the directions and downloading the form on their website.
To file a statement on your Equifax report, complete their online form, then print and mail it to the Montreal address listed on the form. Make sure you read all the directions on the bottom of the form.
For more information on credit issues, take a look at the Steps to Justice topics on credit reports and repair and debt and money problems.
