back Back

Equifax UK & Canopy to include rental payment data in credit assessments

By Megha Bhattacharya

April 30, 2021

  • Canopy
  • Equifax
  • UK
Share

Equifax UK has teamed up with FinTech Canopy to include rental payment data in its credit assessments. The collaboration will enable tenants to 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.

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.”

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.

Recently, Equifax UK teamed up with UK consumer FinTech and payment card app Curve in a bid to deliver verification and ID solutions to its personal finance product, Curve Credit. The offering allows consumers to pay later via instalments on transactions made with their Curve card. The agreement will provide Curve Credit with market-specific scores that assess a customer’s credit risk and affordability, helping to make accurate credit decisions at the point of application and allowing new customers to be onboarded quickly.

Tahir Farooqui, CEO and Founder at Canopy, commented, “The Canopy team is focused on enhancing tenants’ access to affordable financial products and accelerating a path to homeownership. Our partnership with Equifax is a significant milestone, enabling millions of renters in the UK market to use their monthly rental payments to improve their credit score – completely for free. There is no charge involved for tracking or reporting rental payments to the credit bureaus. This is especially pertinent with the pandemic bringing financial upheaval and uncertainty to huge numbers of households and renters.”

Previous Article

April 30, 2021

OVO partners with Prudential Indonesia to offer digital life insurance

Read More
Next Article

April 30, 2021

Mercurity FinTech announces appointment of Hao Liu as Co-CEO

Read More






IBSi Daily News Analysis

May 28, 2024

Canopy

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

FintechOS secures $60m in Series B+ funding round

Read More

Today

Engine by Starling integrates Ozone API into SaaS solution

Read More

Today

ABN AMRO acquires German private bank Hauck Aufhäuser Lampe

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023