Canopy Launches Tenant Credit Score Subscription Service


Canopy launched CanopyGrow, a subscription service designed specifically to help renters increase their credit score.

71% of tenants in the UK are heading into home ownership, with 25% of aspiring homeowners having been rejected for a mortgage due to their poor credit history. According to industry research, the difference between a ‘good’ and an ‘excellent’ score can be £45,672 on the average mortgage.

The CanopyGrow subscription service, which costs £7.99 per month, includes:

  • Rent tracking – allowing tenants to make their most important expenses count by reporting their monthly rental payments to the three UK credit reference agencies (Equifax, Experian and TransUnion), proving they are paying to time, in full each month
  • Clever Credit – turns subscription payments into a risk-free credit agreement that is reported to bureaus to show that regular payments are being met. This, in turn, will help improve a tenant’s credit rating, as paying off credit is an important part of a credit report.
  • Credit Profile – tenants will be able to see detailed information on what’s holding them back, what they’re doing well, and what needs improvement. It will also provide access to personalized advice on actions to take that will improve a credit score powered by Equifax.

The CanopyGrow subscription service helps identify ways to discover and provide information about good financial habits to credit reference agencies, which could improve an individual’s credit score in hours, rather than in a few months – all integrated into the CanopyGrow credit generator subscription.

Chris Hutchinson, CEO of Canopy, said, “It’s amazing that tenants spend so much of their monthly income on rent, but it’s virtually invisible when a credit score is created. It is not fair.

“A core part of our mission at Canopy has always been simple: helping tenants build their financial health. And our innovative new subscription, CanopyGrow, not only helps tenants build their credit score, it helps them do it fast. One of the innovations being developed in CanopyGrow is helping nearly two-thirds (63%) of tenants immediately improve their score by an average of 24 points. There’s a common misconception that a credit score takes years to build, that’s just not true anymore.

“We have identified ways to uncover and provide additional information to credit reference agencies that allows people to prove they are trustworthy borrowers who deserve a higher score. With Canopy Grow’s Rent Tracking, Smart Credit and Credit Profile services, we increase scores from day one and actively encourage people to do more to increase their credit score, while providing details on elements that could have an impact on their score.

“Our philosophy has always been to innovate for tenants, but through our work we also bring broader benefits to the housing market, whether for landlords or letting agents as well. Rewarding positive tenant behaviors means they are more likely to be good tenants, so everyone benefits from CanopyGrow.

Mark Bratley, Director of Sales at Equifax, added: “Now more than ever, tenants in the UK are feeling the effects of the cost of living crisis. Canopy has smartly identified a way for tenants to take positive action to improve their credit scores and financial well-being, which Equifax shares a strong focus on. Through key pillars of Canopy’s new CanopyGrow subscription, tenants can see the improvements such positive behavioral changes can bring to their credit scores and, in turn, potentially save on interest payments when applying. credit in the future.


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