Landlord Credit Bureau
| Company type | Private company |
|---|---|
| Industry | Credit Services |
| Founded | 2012 |
| Headquarters | , |
Area served | Canada, USA |
Key people | Zachary Killam (CEO), Marv Steier (Founder) |
| Services | Landlord credit bureau |
| Website | landlordcreditbureau |
Landlord Credit Bureau (LCB) is an American rental industry credit bureau and partner that provides tools to improve the businesses and lives of landlords, property managers and responsible tenants.[1]
History
[edit]LCB was founded in 2012 as an online network for landlords and property managers and operates a Reporting Agency in the US and Canada. The LCB platform is focused on empowering landlords with the tools necessary to motivate and reward tenant behavior. LCB helps renters who have a record of paying their rent on time but have unsubstantial credit scores to obtain housing. Through the LCB tenants can build and share their payment history with potential landlords.[2][3][4]
LCB shares information with Equifax to be included on renters credit reports. Landlords can report their tenants’ payments (or non-payments) to the LCB, and tenants are also able to build a positive Rental Record which will go to Equifax and end up on their credit report.[4][5]
As reported in Financial Post in 2021, "this initiative could particularly help younger Canadians qualify for mortgages, director of consumer advocacy at Equifax Julie Kuzmic said, it could especially help immigrants, who often struggle to build credit in Canada because their records from back home aren’t recognized here.[6]
References
[edit]- ^ Jarvis, Clayton. "New hope for first-time homebuyers? Tenants can now use rent payments to bolster credit reports". www.mortgagebrokernews.ca. Retrieved 2021-05-14.
- ^ "Rent can now count toward your credit score -- for better or worse". financialpost. Retrieved 2021-05-19.
- ^ "Stressed small landlords bailing out of Vancouver". Business in Vancouver. Retrieved 2021-05-10.
- ^ a b "Time to reward tenants who pay their rent". NOW Magazine. 2021-03-14. Retrieved 2021-04-15.
- ^ "Renters Finally Catch A Break, Can Use Rent Payments To Build Credit Score". HuffPost Canada. 2020-10-01. Retrieved 2021-04-15.
- ^ "Canadians now have the option to build their credit scores via rent payments". financialpost. Retrieved 2021-05-19.