Users of deposit replacement scheme Canopy’s app will now be able to access financial products through comparison website MoneySuperMarket.
The Canopy app lets users build up their credit score by recording rental payments with Experian, which it is hoped will give renters a better chance of proving affordability when eventually applying for a mortgage.
It has now integrated the MoneySuperMarket comparison service into its app, letting users access broadband and energy deals.
Canopy will donate £1 from each conversion to charitable causes including homelessness.
Renters create a “RentPassport” on the Canopy app where they build a “Trust Score” based on their creditworthiness, employment and regular rent payments and past references.
Tahir Farooqui, founder of Canopy, said: “MoneySuperMarket has been a bastion of consumer choice for many years and this partnership is, for the very first time, bringing consumer choice and needs even further to the fore in the property rental space, making a positive social impact to an industry in vital need of reform and innovation.”
Tom Markham, business development director at MoneySuperMarket, said: “We are excited to be working in partnership with Canopy, helping renters find the best energy deals through our free and easy to use service.
“This partnership supports our ambition to make switching as accessible and stress-free as possible – helping more households make the most of their money.”
It’s frankly outrageous that a renters single largest monthly outgoing expense is not taken into consideration when accessing their credit worthiness.
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