Victoria, British Columbia--(Newsfile Corp. - November 3, 2022) - Billi Labs (https://billi.app), together with the Institute for Canadian Citizenship, announces a new credit building service to support newcomers to Canada. Now, newcomers can report their rent payments directly to credit bureaus in order to establish credit in their first months of being in Canada.
Through this collaboration, newcomers can access Billi's money-management platform, where they'll be able to connect their bank accounts, and have Billi's financial automation software report their recurring payments to credit bureaus.
Newcomers to Canada are often at a disadvantage when it comes to building their credit. Billi is addressing this issue with the launch of "Boost", their new Credit Building Feature. Through Boost, residential rent payments are tracked and subsequently reported to Equifax Canada, one of the two major credit reporting bureaus in the country. Newcomers to Canada will now have the opportunity to establish and build their credit simply by paying their rent on time.
Daniel Bernhard, CEO of the Institute for Canadian Citizenship (https://inclusion.ca) notes, "Canada doesn't recognize immigrants' pre-Canada credit history. Home owners have always been able to establish and build their credit with mortgage payments, but most newcomers are renters. Billi's new service that allows newcomers to convert rent payments into credit history will be a game changer for hundreds of thousands of newcomers, and, by extension, an incredible contribution to Canada's long-term success. We're proud to be a partner in this transformative initiative."
Billi's CEO, Tyrone Sinclair states, "Billi is passionate about bridging the financial inclusion gap by offering accessible financial insights to all Canadians. As we come out of a global pandemic, many are facing serious financial shocks; it is now more important than ever to provide them with hope, support and tangible opportunities to become more financially stable. Ultimately, Billi is here to help people." According to Sinclair, their members value the simplicity with which Billi helps them improve their overall financial wellbeing and assures us that as Billi grows, they'll be introducing more features that meet their members' financial needs.
Billi is proud to help newcomers to Canada build their credit, and is eager to make the service known to all newcomers.
About Institute for Canadian Citizenship
Powered by a committed and passionate national network, ICC programs and special projects inspire inclusion, celebrate newcomers, and encourage active citizenship. Their goal is to unlock Canada for newcomers. Since 2005, their programs have worked to give every newcomer to Canada the chance to become fully involved in its history, culture and politics.
For further information, please visit www.inclusion.ca
About Billi Labs
Billi Labs is a Canadian personal finance management platform, focused on automating consumers cash flow and offers a variety of credit building services, and personal finance automation tools. Billi is designed to help Canadians gain insight into their personal finances and improve their credit.
For further information, please visit www.billi.app
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142736