Equifax UK is expanding its partnership with rental platform, Canopy, to help tenants to boost and track their credit score.
The extension of the partnership will give users access to Equifax credit scoring insights within the Canopy app, making it easy for tenants to see how their rental payments are improving their credit score.
The Canopy app will also feature Equifax’s Score Simulator tool to show tenants how changing their financial behaviour can improve their credit score. The tool will soon integrate Equifax’s open banking data and analytics capabilities to help consumers demonstrate their creditworthiness while improving their overall financial literacy. It will also give them the option of access to more suitable financial products based on the data available.
Mark Bratley, UK sales director, Equifax, said: “More tenants are reporting their rental payments to credit reference agencies than ever before. Our partnership with Canopy has already helped thousands of tenants improve their credit score by building a fuller picture of financial health that helps consumers to access affordable financial products and mortgages.
“In the context of the cost-of-living crisis, it is paramount that the financial services industry continues to innovate to improve financial inclusion. The expansion of the initiative underscores Equifax’s commitment to financial empowerment and education. We are making it easier to track how rental payments affect credit scores and using open banking data to recommend the most affordable financial products to consumers.”
Chris Hutchinson,CEO of Canopy, added: “It is more important than ever that tenants are getting financial value out of the years they spend renting. Expanding our partnership with Equifax will build upon our established rent reporting solution, supporting thousands more renters to better understand and build not just their score, but their financial health month-on-month.
“Encouraging positive financial habits is essential with the backdrop of the current cost-of-living crisis. Building financial resilience will ultimately give individuals access to better financial products and set them up strongly for their desired future.”