Question 1

Can paying rent improve my credit score?

Accepted Answer

Eligible rent payments reported to your credit file can help build your history. However, your score depends on several factors and no specific increase can be guaranteed.

Question 2

How do I get my rent to show up in my credit file?

Accepted Answer

By using a service like LocaCredit, you can have your eligible rent payments recognized. You upload your proof of payment each month, and LocaCredit reports eligible payments to your credit file.

Question 3

Does my landlord need to participate?

Accepted Answer

No, your landlord does not need to sign up. As the tenant, you manage your LocaCredit account and upload your proof of payment.

Question 4

What documents do I need to provide?

Accepted Answer

Depending on your file, an ID, your lease and your monthly proof of payment may be requested. These documents are stored in a private space and access is controlled.

Question 5

What type of proof of payment is accepted?

Accepted Answer

Proof of payment can be a bank transfer receipt, a screenshot of a confirmed online payment, or any document showing that rent was paid for the relevant period.

Question 6

How long does it take for a payment to be processed?

Accepted Answer

Processing time varies depending on the volume of declarations and the complexity of validation. LocaCredit validates each payment before reporting it.

Question 7

Does LocaCredit guarantee a credit score increase?

Accepted Answer

No. Eligible payments may help build your credit history, but your score depends on several factors. Results may vary.

Question 8

Can I use LocaCredit after bankruptcy?

Accepted Answer

Yes. After bankruptcy, rebuilding credit takes time. Having your eligible rent payments recognized can be an additional useful data point in your rebuilding journey.

Question 9

Can I use LocaCredit after a consumer proposal?

Accepted Answer

Yes. After a consumer proposal, every positive piece of information counts. Having your eligible rent payments recognized can help rebuild your history.

Question 10

Is it useful if I have little credit history?

Accepted Answer

Yes. If you have limited history, every positive data point can help. Having your eligible rent payments recognized can help build your file.

Question 11

Does LocaCredit do a credit check?

Accepted Answer

No. LocaCredit does not perform a hard inquiry on your credit file. The service reports eligible payments; it does not pull your credit score.

Question 12

What happens if my rent is paid late?

Accepted Answer

A late payment may be reported as such. It is important to pay your rent on time. If a delay occurs, report it anyway — transparency is preferable.

Question 13

Can my subscription be suspended?

Accepted Answer

Yes. In case of a failed subscription payment and after the grace period expires, access may be suspended. You can regularize at any time.

Question 14

Can I change my lease?

Accepted Answer

Yes. If you change leases, you can add the new lease in your account. Each lease must be validated.

Question 15

What happens if I move?

Accepted Answer

If you move, add your new lease in your LocaCredit account. Your eligible rent payments linked to the new lease can continue to be reported.

Frequently Asked Questions

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