What is a Liv Score?
Liv Score is an intelligent rating system designed to establish your reliability and credibility as a renter when you apply for apartments online. Using a powerful algorithm that corroborates your information with LinkedIn and your financial record, the Liv Score gives landlords a secure and accurate measure of your integrity simplifying their selection process.
How does it work?
- A credit check is conducted by Equifax and provides a comprehensive picture of your financial credibility based on payment history, credit utilization, bankruptcy etc.
- The algorithm analyzes your profile, corroborating the details you provided with your public LinkedIn profile, photo ID, references etc. to determine your trustworthiness.
So What Does it Mean?
|80-100||Excellent||Almost perfect! You have an exemplary financial record and are trustworthy.|
|70-80||Very Good||A good bet! Despite 1-2 missed payments in your past, you are reliable, credible and financially stable.|
|60-70||Average||Looking pretty good! You’ve missed 2-3 payments and/or you’re using some of your credit allowance. Also, the information you provided only partially matches information on LinkedIn, Equifax etc. Landlord will likely request more information.|
|<60||Poor||Needs improvement! You haven’t provided enough information. If you want a shot at this, you’ll need to give the landlord additional documents (i.e. photo ID) and solid references.|
Can I improve my Liv Score?
Yes! There are a few steps you can take to bump up your score and improve your standing with landlords.
- Update your LinkedIn profile with accurate and current information
- Upload other financial documentation like pay stubs, letters of employment etc.
- Upload government-issued picture ID.
- If you are young or new to Canada, obtain a credit card and make your payments on time, preferably, paying off your entire balance on a monthly basis.
- Get a mobile phone under your name.
- Secure different types of credit. Credit bureaus love looking at different sources of credit when determining credit scores.
- If you have missed payments, catch up and set up automatic payments so it doesn’t happen again.
- You can learn more about improving your Liv Score here.
Is my personal information secure?
Your picture ID and Equifax report are temporarily stored until the verification process is complete. Once verified, both are destroyed from our servers. In the entire process, landlords will never receive, or be able to view, your uploaded ID or Equifax report.