Equifax and Canopy expand partnership to boost UK renters’ credit scores

In the midst of the UK’s current cost-of-living crisis, Equifax and Canopy expand their partnership to help British renters.

Equifax UK and digital rental platform Canopy and expanding their partnership to help tenants improve their credit scores.

Customers who already use the Canopy RentTracking platform to report their rental payments to Equifax will now have access to additional benefits.

The expansion will give users access to Equifax credit scoring insights on the Canopy app and show them directly how their rental payments are affecting their credit score.

The Canopy app will also add Equifax’s Score Simulator tool so tenants can see how changing their financial habits can improve their credit score, integrating the credit agency’s open banking data and analytics capabilities.

Equifax and Canopy say they aim to both help customers improve their financial literacy and show their creditworthiness.

With more tenants reporting their rental payments than ever before, according to Equifax UK Sales Director Mark Bratley, the existing services have already helped thousands of tenants.

“In the context of the cost-of-living crisis, it is paramount that the financial services industry continues to innovate to improve financial inclusion,” Bratley said.

“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.”

Canopy CEO Chris Hutchinson also noted the importance of building “positive financial habits” given the current cost-of-living crisis in the UK.

“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,” Hutchinson said.

“Building financial resilience will ultimately give individuals access to better financial products and set them up strongly for their desired future,” he added.