Build Up Your Credit Score with Canopy

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Posted bySophie Knight | Category Blog | Date 18 June 2018

Here on Guarantor Loans Comparison, we are always looking for the best ways to save money. If you currently rent or are hoping to in the near future, we have certainly found the best app for you to help you save up for a deposit on a rented property. It is called Canopy and it helps the users to improve their credit score over time whilst they rent or let.

When signing up with a landlord as a tenant, there are plenty of initial financial obligations including, the deposits and a month’s rent in advance – so it is appreciated that this can be a stressful time.

This app appears to provide users with a way to conveniently find landlord and tenants, whilst actively building up a reputation as a good or bad tenant alongside improving their credit rating. Since the rent needs to be paid anyway, you might as well make your life easier and your financial credit score better whilst you do it – with the canopy app, it appears as though you only have things to gain and nothing to lose.

Let’s look at how it works so that you can get a clearer picture.

For Renters

Canopy allows renters to build up credit whilst they pay their rent, and “take control of their financial future”.

When signing up, you will go through a sort of screening which will give you a “pre-approved” renting status. You will be ready to rent within 60 seconds and given a RentPassport.

Canopy offers renters the option to give a traditional cash deposit or use the DepositFree service. The DepositFree feature is a one off premium which offers protection to you and your landlord. You can save up to 95% of a traditional cash deposit, which will give you the freedom to save or spend on the things which matter the most to you.

As a renter, you will also earn a TrustScore. This TrustScore is made up of your Experian Credit Report, RentPassport information as well as your rental behaviour. Essentially, pay the bills on time and always provide the relevant information to advance and maintain a good TrustScore. The better the TrustScore, the more attractive you are to landlords and you should also receive better interest rates in the future whilst working to improve your Experian credit report over time. You are ranked in either; Bronze, Silver, Gold or Platinum categories.

For Agents and Landlords

As well as renters, agents can also sign up to app. Here, they can access pre-approved and people who are in an active position to be ready to rent, in turn saving the agent time, effort and money.

Agents will be able to let properties faster through instant renter screening and DepositFree (an alternative to a traditional cash deposit).

Once rent agreement has been set up, the RentTracking system on the app will keep you up to date with all you need to know about your tenants. Tracking payments has never been easier for either party.

Why DepositFree?

Essentially, the DepositFree service replaces what you or I would know as the traditional 6-week deposit. The effect alternative offers alternative security which covers rent arrears, damages, cleaning charges.

It is designed to help you let a property quicker than through a traditional letting agency, aiming to reduce an agents time to let by up to 90%

Any disputes are to be settled fairly by an independent arbitrator.

Having the option to go DepositFree for Landlords and Agents makes them stand out from the crowd and may appear more attractive to potential renters.

Guarantor Loan

If you are feeling a little tight for cash but need to somehow put down a deposit, rather than missing your change, why not check out a Guarantor Loan to help you whilst you get your finances together.

Before taking out a loan, always weigh up whether you will be able to pay back the loan with the interest attached on the agreed date. Be aware that which a guarantor loan, if you fail to pay back your loan, the responsibility will fall onto your guarantor and it will affect your credit score if this happens.

Compare guarantor loans here.