Toronto, March 11, 2022: Dwello Inc announced today the launch of a new rent payment platform. This is a key stage in realizing Dwello’s mission of helping all Canadians get equitable access to credit. Renters can sign up for free to pay rent through Dwello’s payment platform. Their rent payments get reported to Equifax Canada, one of the major credit bureaux serving Canada. Over time, the on-time payments help boost credit scores, thus unlocking favorable offers on credit products like loans, mortgages and credit cards.
The product release aligns with the results of a year-long study conducted by Dwello on the impact of on-time rent payments to credit scores. The study panel comprised renters across British Columbia, Alberta, Ontario and Quebec. The credit scores of the individuals ranged from 600 – 850. The renters were invited to Dwello by landlords or property managers and their payments were monitored over periods ranging from six to fifteen months. The findings support the company mission.
“Over the past year, we have seen what Dwello’s rent reporting can do to help renters improve their credit scores. Better credit scores help renters have more money in their pocket. It can also help renters have access to a broader range of rental properties. It levels the field for many financially responsible, hard working Canadians who would otherwise be shut out of the system”, said Varun Madhok, CEO of Dwello Inc. “Not only does Dwello’s rent reporting innovation help the Canadian renter, it is also good for Canadian financial institutions who would otherwise not have visibility into this market. We are also finding that landlords appreciate using Dwello for rent collection as it not only streamlines the process, it helps improve tenant retention”.
“Equifax has opened a new option for Canadians to report rent payments as a separate line item on their credit file. Especially for people having no credit or looking to re-establish their credit, this is likely the most effective way to improve their financial freedom. Our architecture and business model also lets us deliver this at no charge to tenants or landlords”, adds Chris Chan, Dwello’s CTO.
Dwello is a payment technology platform that helps Canadian renters boost their credit score just by paying rent. Rent payments paid through Dwello get reported to Equifax to help renters build a credit history. This allows renters to build and establish their credit scores while helping property owners get paid on time. Learn more at dwello.com and follow us on Facebook @dwellopayments and on Twitter @dwellopayments.