Using Open Banking for tenant referencing and helping renters to build up credit scores.
Canopy’s ambition is to build a digital rental market-place that is fair for all. Canopy addresses this market gap through two core products; Canopy RentPassport™️, a multi-channel tenant referencing solution powered by Open Banking and Experian credit data and RentTracking™️, which records rental payments with two of the biggest credit bureaus in the UK, Experian and Equifax, allowing tenants to build up and ultimately improve their credit history and score during the course of their tenancy while also reducing the risk of rental arrears for landlords and letting agents.
What's the Open Banking use case?
Canopy uses Open Banking technology in 2 ways:
Canopy RentPassport™️: Allows agents and landlords to reference and qualify tenants in seconds. Using Open Banking as part of the tenant referencing process to securely verify the tenants income and carry out affordability checks. As well as providing a full view of their rental history. More info
Canopy RentTracking™️: Renters can report their rent payments to both Experian and Equifax to improve their credit history and your credit score. It’s free to use, and one of the best ways to build your credit without taking out a credit card or loan. More info
Canopy's Open Banking partner is Plaid.