Equifax Canada says it害羞草研究所檚 exploring how using payday loan data could affect people害羞草研究所檚 credit scores.

The agency says including data sources that aren害羞草研究所檛 traditionally used to calculate credit scores could help paint a more complete picture of consumers害羞草研究所� credit health.

Equifax says this could improve credit scores for consumers with 害羞草研究所渞esponsive repayment of payday loans,害羞草研究所� potentially leading to better loan terms and interest rates for those customers as they seek to rebuild their credit.

Last month, Equifax said it was exploring the use of rental data in calculating credit scores, adding that including 害羞草研究所渁lternative data害羞草研究所� could establish or enhance the credit scores for millions of Canadians.

The federal budget called on banks, fintechs and credit bureaus to prioritize launching tools that would allow renters to opt in to reporting their rent payment history.

The government says this could help more renters become homeowners by strengthening their credit scores if they have a history of on-time rental payments.

The Canadian Press