Equifax UK is partnering with Canopy, a fintech platform focused on the financial wellbeing of tenants, to include rental payment data in its credit assessments.
Janice Rudd, data director at Equifax UK, said: “We’re very pleased to partner with the Canopy team given their commitment to financially empower millions of rental households.
“The inclusion of rental data in credit assessments is a welcome and progressive move. Just like individuals with a mortgage, renters who make full and timely monthly payments should also see a noticeable benefit in proving their ability to repay a financial commitment.”
The collaboration is positive news for millions of tenants in the UK market who can now boost their credit score by reporting their rental payments data to Equifax through the Canopy RentTracking platform.
Tenants will also have access to Canopy’s free open banking-based rental budgeting app, designed to help them reduce their household bills.
Historically, rental payments haven’t been recorded in consumer credit files which can restrict a tenant’s access to affordable financial products, especially for those with little credit history.
The ongoing pandemic has worsened the situation for thousands of tenants, with their financial resilience pushed to the limit.
Canopy’s RentTracking feature promotes a more inclusive financial society by allowing potential lenders to get a more informed and up-to-date view of an individual renter’s affordability.