Well, they have a fantastic mission. We know we're in a housing and rental crisis with too many people struggling to find or afford properties. To do their part, they have boldly pledged to eradicate rental deposits by 2025, which would put, on average, £1,000 back into every renter's pocket.
As their CEO, Tahir Farooqui, points out, "Why can you rent an Airbnb without a deposit but have painful hoops and expenses to rent your home?" This moment became the genesis for Canopy's mission.
Rentpassport is their core product for renters, and we highly recommend that all renters be aware of this service. In easy terms, it's like your LinkedIn profile or an online CV. It's a portable digital profile and history, giving letting agents and prospective landlords instant access to you, your credit profile and insight about you as a renter. No more filling out horrible forms or trying to prove who you are!
What is super interesting is it can also give you access to apply for deposit-free renting. Yes, we'll say that again: Deposit-FREE renting.
No, you say - my landlord would hate that. They shouldn't. It also works out better for them because, with Canopy, they get even more coverage and support than the standard 5-week deposit would cover.
Free. Yep, for renters, there is no cost to you. It's a free app.
Using data and technology in partnership, Canopy can provide a similar credit score based on your rental history. So much like paying a mortgage improves your history to get a better credit score, Canopy has partnered with Experian to do the same with your rent history.
You complete the app process once, and off you go.
It's that simple.
You can then give (and take away) access to your profile with the agents or landlords you're dealing with.
Anyone who rents, but it is particularly great for those who might struggle with credit scores or history, such as international renters with no credit footprint, contractors, and those who are self-employed.
1.) Eliminate the need for renters to have a lump sum of cash to hand in order to rent a property.
2.) Enabling renters to put their rent payments towards their credit history means they'll have better access to financial products and services on reasonable terms.
3.) They've got some lovely partnerships and even have a service called CanopyMove, which is a tailored service to handle all of your time-consuming move admin, saving you bucket-loads of time, money and stress whether it's informing the local council, finding the best broadband deals or booking your removals.
4.) Once you are on the app, you can also discover ways through Canapygrow to improve your credit score, which will also help if, at some point, you decide to move from renting to the world of owning.
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