Not everyone has a great credit history, at some point in your life, you might have run into some financial troubles, however bad credit does not have to keep you from finding rental accommodations.
One of the best ways to establish good credit and repair bad credit is to pay off debts and get a receipt or letter from the landlord that confirms your rent payments.
When you are applying for accommodations, bring this confirmation as proof. By being honest with your prospective landlords, you stand a change of them favouring you renal application regardless of past credit difficulties.
As mentioned before, a landlord that knows you can pay rent on time is extremely important, sometimes more than credit. However, you will have to use a recent landlord as a reference, and if you have not rented before then your chances of a letter of approval has diminished.
When money is tight, there are places you can go for help.
A rent bank can assist people when they are unable to pay rent on time. They are available in some Canadian cities; rent banks offer various levels of assistance.
Some rent banks provide for one month’s rent only, while others provide no-interest or low-interest emergency loans for multiple months with a flexible payment schedule.
You will also find rent banks that do not require that money be repaid at all.
The best way to find out if there is a rent bank in your community is to ask staff at local municipality, resource centres or community organizations.
Keep in mind, each rent bank operates differently, and you must meet certain requirements to qualify for assistance.
Check with your local rent bank as soon as you begin to anticipate financial difficulties to see whether or not you qualify.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
