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Rent is probably your biggest monthly bill, and in most cases it does nothing for your credit score. Rent reporting changes that by sending your on-time payments to a credit bureau, where they sit on your report the way a car loan or credit card would. Neobanc and Borrowell Rent Advantage both do this without asking your landlord for anything, and both can add up to 24 months of rent you've already paid.
Where they differ is price. Borrowell charges a monthly subscription for ongoing reporting, while Neobanc reports new rent for free when you pay through its app. Below, we break down every fee as listed in October 2026 and run the numbers for a full year to determine which service is best for renters who want to build their credit score.
Neobanc costs less on every line where both services charge, and it has no monthly fee for reporting new rent.
Neobanc charges for each month of past rent you report, so you pay only for the history you have: 6 months costs $11.94 and the full 24 months costs $47.76. Borrowell charges the same flat $99 whether you add 6 months or 24, and all of its prices are before tax.
Both services report to Equifax Canada, and neither needs your landlord to sign up or approve anything. Where they split is how they confirm you actually paid.
Borrowell Rent Advantage stays out of the payment. You link the bank account or credit card you already pay rent from, and Borrowell checks each payment against those records. For past rent, you upload your lease along with bank statements or rental receipts, and Borrowell says the history should show on your report within one to two months.
Neobanc handles the payment itself: you send rent through Neobanc, your landlord receives it by Interac e-Transfer, and that record is what gets reported. Because the payment already runs through Neobanc, there's no separate subscription for reporting it. For past rent, you can connect your bank through Plaid so it picks out rent payments automatically, or upload statements or receipts with your lease. Neobanc says reporting can take up to 45 days to reach your file, and its past rent page lists both Equifax and TransUnion as destinations.
Neobanc also adds cashback on rent paid by credit card (1% monthly, or 2% released on a rolling six-month basis) and insurance on rent payments up to $10,000 through its partner reLease.
Borrowell's extra is its guarantee. Add at least 12 months of past rent, and if your Equifax score doesn't go up, it refunds the one-time fee.
If you want both past and ongoing rent reported, Neobanc's first year costs $47.76 and Borrowell's costs $165 before tax.
Borrowell figures are before tax, and Neobanc's ongoing reporting stays at $0 in every year after the first. Tax widens the gap further; in Ontario, 13% HST turns Borrowell's $165 bundle into about $186.
The Neobanc numbers assume you pay rent by e-Transfer, which is free. Paying by credit card brings the card fee into the math. On $2,000 rent, the 1.50% tier costs $30 a month and gives back $20 in cashback, so you're $10 down before your card's own points, and whether that ends up ahead depends on what your card earns.
If you can pay rent by e-Transfer, Neobanc is the cheaper choice by a wide margin, and the gap grows every year you keep reporting.
Neobanc fits best when:
Borrowell Rent Advantage makes more sense if your rent leaves your account by pre-authorized debit or through a building portal and you'd rather not change that. It also suits renters who mainly want the refund promise on past rent. If you go with Borrowell, take the bundle: $165 in the first year, against $219 for buying ongoing and past rent reporting separately.
Want to see what your own rent history would cost to report? Start with Neobanc's rent reporting and cashback page.
Ongoing reporting is free when you pay rent through Neobanc, and paying by Interac e-Transfer costs nothing. You only pay if you add past rent ($1.99 per month reported) or choose to pay rent by credit card.
It's $10 a month plus tax for ongoing reporting. Bundle it with past rent reporting and the monthly fee drops to $8, with past rent costing $69 instead of $99.
Borrowell reports to Equifax Canada only. Neobanc reports to Equifax, and its past rent page lists TransUnion as well.
No. Neither service asks your landlord to sign up or approve anything; with Neobanc, your landlord simply receives an Interac e-Transfer.
Neobanc says up to 45 days. Borrowell says past rent should appear within one to two months.
Neither company promises a set number of points. On-time rent adds payment history to your file, which tends to help most when that file is thin, and Borrowell refunds its past rent fee if your score doesn't rise after 12 or more months are added.
Yes. Borrowell says it doesn't charge cancellation fees.
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