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What is Padder Credit Builder?

Padder Credit Builder is an optional feature that reports your monthly rent payments to Equifax Canada, so your rent can help you build a credit history.

Rent is often your biggest monthly payment, but it usually doesn't show up on your credit report. Padder Credit Builder is included free for the first 12 months of your Padder Guarantor coverage, and it's completely optional.

How it works

  • We report your rent payments to Equifax Canada once a month.
  • It works both ways: on-time payments may help your credit, and late or missed payments may also be reported and could lower your score.
  • Reporting runs on a 60 day delay, so each month's activity typically appears on your Equifax file about 90 days later.
  • It's free for the first 12 months, starting from your lease start date.
  • Reporting is tied to your Padder Guarantor policy for your current lease.

Who can use it

Padder Credit Builder is offered to tenants when they apply for a Padder Guarantor policy.

  • If you have roommates on the same policy, each tenant decides individually whether to turn it on.
  • Only the tenants who opt in are reported.

How to turn it on

Right after you're approved for your Padder Guarantor policy, you'll see a step called "Build credit with your rent payments."

  • To turn it on, check the consent box.
  • If you'd rather not, leave the consent box unmarked.

You can confirm it's on: your confirmation screen shows a Padder Credit Builder line marked On.

How to turn it off (opt-out)

You can stop reporting at any time. Email support@padder.com and let us know you'd like to opt out of Padder Credit Builder.

Here's what happens:

  • Reporting stops from the date we receive your request. Payments dated before that are still reported.
  • Anything already reported to Equifax stays on your credit file; we can't remove it.
  • Opting out is permanent for your current lease. We can't turn reporting back on for the same lease or address.
  • We'll email you a confirmation once your opt-out is processed.

Will this affect my credit score?

Padder Credit Builder can help you build credit history, but no one can guarantee a specific score change, and many factors on your credit report affect your score.

  • When your reporting period ends and your account is in good standing (paid and up to date), closing it should not, on its own, lower your score.
  • If reporting ends while a payment is late or unpaid, that history reflects the missed payments, as you'd expect.

After the first 12 months

Your free reporting covers the first 12 months of your Padder Guarantor coverage. We'll let you know before that period ends, along with any options available at that time.

If something on your credit file doesn't look right

Padder doesn't handle or decide credit report disputes. If something on your Equifax credit file doesn't look right, raise it directly with Equifax:

They'll walk you through their dispute process.