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- PM Trudeau Unveils Renters Bill of Rights + Chexy Mystery $500
PM Trudeau Unveils Renters Bill of Rights + Chexy Mystery $500
Chexy
March 30, 2024
In This Issue:
💳 PM Trudeau Unveils Renters Bill of Rights
💲 Reminder: Chexy 1 Year Mystery Bonus of Up To $500
🗺️ Chexy Deals: Fly to Barcelona, London and Dublin
Trudeau Unveils Renters’ Bill of Rights … Chexy is One Step Ahead.
If you’re a renter, you have probably already heard the news of a new “groundbreaking” initiative aimed at bolstering the rights of renters across Canada. Recognizing the growing number of young people who are renting rather than owning homes, Prime Minister Trudeau expressed the need to enhance regulations to better suit their circumstances. "It's about changing the rules of the game in a way that meets young people where they are," he stated during the announcement… something we at Chexy have been doing since our inception.
So, The Renters' Bill of Rights. What Is It?
The plan, as outlined by the Federal government, is to establish a national standard lease agreement and introduce measures to enhance transparency in the rental market. This proposed "renters' bill of rights" seeks to empower tenants by mandating landlords to disclose pricing history, thereby enabling renters to negotiate fairer lease terms. It's a victory for tenants across Canada. But that's not all...
A Boost for Credit Scores
Trudeau also highlighted this disparity, noting that while mortgage payments contribute to credit scores, rent payments typically do not…which is what we have been saying and one of the reasons for launching Chexy Credit Builder.
And while this all sounds great, someone still needs to execute to make this happen for renters and enable companies, like Chexy, to have an even playing field in reporting to credit bureaus. I would also love to avoid another “Arrive Can” fiasco when the government spends $60M of taxpayer money building an app that already exists… I said this much to JT on twitter 😆.
Our Take
Although the government talks big talk about promoting and enabling this, the reality is:
Only one of our credit bureaus (Equifax) currently accepts rent payment data. So to truly make a difference, they need to work with Transunion to push them to get on board.
Even if that data is on your credit report, banks need to build new models to underwrite this as a new metric when it comes to mortgage applications.
Your credit score matters. It’s likely one of the most important numbers in your life, and given that 35% of your credit score is determined by your payment history - reporting rent via tools like Chexy Credit Builder is a good idea for everyone and I am excited to see more adoption and awareness of this.
That said, it’s not the credit score that often prevents one from qualifying for a mortgage:
It’s the down payment
It’s the qualification amount
It’s the stress test
And, although JT talks a big talk about helping renters until we address the key issue of housing prices and supply constraints causing that, I seldom believe this will make a big difference.
Reminder: Sign Up Mystery Bonus of Up To $500: Chexy 1 Year Anniversary
This month marks the one year anniversary of Chexy and to mark this milestone, we have a special activation gift that can help you reduce your rent!
We've deposited a mystery cashback bonus of up to $500 into your account! 👀
Here's how to view your mystery Rent Cashback:
Activate your account here.
Visit the Amenities tab to view your mystery Rent Cashback.
And, click "Redeem" to apply your Rent Cashback as a credit towards your next rent payment with us.
That’s not all! Share the joy of Chexy with your friends and family, and they'll be eligible to receive a mystery sign-up bonus too! This offer is available from now until April 15, 2024.
So, what are you waiting for? Activate your account today and discover what exciting rewards await you.
Plus, if you apply for one of the best Chexy recommended credit cards here, you’ll also get your first month of Chexy fees waived! Let's celebrate Chexy's one-year anniversary together! 🎈
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