Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) has announced that it will provide a new credit improvement service on its MyMarble platform, which will be powered by FrontLobby.
The Vancouver, British Columbia-based company noted that FrontLobby is committed to helping improve the financial future of tenants by providing a proven way to build credit and a positive rental history and gain access to credit-related rewards.
Marble said it will be utilizing FrontLobby's rental reporting service through the MyMarble platform's product offerings. The introduction of the service will empower MyMarble members to report their rent payments directly to credit bureaus such as Equifax (NYSE:EFX) and Landlord Credit Bureau, the company added.
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"Rent payments represent an important and underutilized criterion used by credit reporting agencies to perform a credit assessment and we are excited to now offer a credit improvement solution that leverages past rental records," Marble CEO Karim Nanji said in a statement.
"The contribution of rent payments toward improving credit profiles and creditworthiness can help property managers as well as customers looking to rent.”
Marble said the service provides a new value proposition for MyMarble's members, over 50% of whom are renters, to build stronger creditworthiness as reporting rent payments can positively impact their credit. Additionally, it said the new service combined with Inverite banking verification software will enable channel partners to offer a unique product that not only instantly assesses their customers' financial standing but also provides additional solutions to improve their overall credit.
"Tenants who pay their rent on time every month should receive credit for it, but most do not,” added Zac Killam, co-founder of FrontLobby.
“Historically, rent has not been included on credit reports, we are changing this by elevating rent payments to the same level as consumer loans and credit card payments. FrontLobby is excited for this relationship with MyMarble, and our shared vision of bringing credit inclusion, credit equality and financial wellness to all Canadians."
Marble said for about a third of Canadians, rent payments are currently their single largest expense per month and allowing this positive payment behavior to reflect on their credit profiles is a major benefit.
"This solution should inspire a large segment of the Canadian population who have traditionally struggled to establish or re-build credit in the past,” Nanji concluded.
“Overall, the utilization with FrontLobby on our platform will result in a more robust financial platform that delivers greater value to our members."
Marble's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble (formerly Score-Up), Fast Track, Maestro and Boost to engage in and navigate a clear path towards financial wellbeing and a meaningful credit score.
Contact the author at stephen.gunnion@proactiveinvestors.com