It is estimated that more than three million people over the age of 18 in Canada Credit invisible.
Being credit invisible means that these people either have no credit file or the credit information on file is not enough to establish a credit score, which can make life difficult.
Another seven million people may have two or fewer credit accounts on their credit file, which is considered a limited credit history – a “thin” credit file.
The darling of Canadian fintech firm KOHO Financial has always developed products that help Canadians advance financially.
Today, with the introduction of the Rent Reporting feature, KOHO is making healthy credit more accessible to everyone.
Rent payments from new and existing KOHO members who pay their rent through KOHO are reported directly to the credit bureau, which helps build creditworthiness.
Additionally, KOHO now offers renters protection through renters insurance in case of emergency. Eligible KOHO members with the Everything plan and renters insurance protection also receive a bonus 0.25% cash back automatically deposited into their KOHO account when they pay rent through KOHO.
Both new features are integrated into the KOHO app, giving members even more features to improve their financial health in the best account for renters in Canada.
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“About 40% of Canadians rent. The idea that paying a mortgage contributes to creditworthiness but paying rent does not is an outdated worldview. We are excited to offer rental reporting to our users. In addition, we are adding renters insurance and the first rental cashback program in Canadian history,” says Daniel Eberhard, founder and CEO of KOHO.
“Newcomers, younger Canadians and all renters deserve equal opportunities to build wealth. We are very pleased to be able to play a small part in this.”
KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia and Ontario who use KOHO’s rental reporting to improve their credit scores now also have a cost-effective way to protect themselves and their rental against damage with KOHO’s renters insurance in partnership with Walnut Insurance.
Due to the high cost of insurance, renters often go without coverage. Because KOHO’s renters insurance is offered at one of the most competitive rates in Canada, starting at $22 per month, renters can rest easy knowing they are prepared for the unexpected and can get insurance now to save money in the future.
