What is a Canopy RentPassport™?
Canopy RentPassport™ is a renter's digital rental history.
Letting agents and Landlords need to verify a Tenant's suitability for the property they have applied for. This includes verifying tenants' employment, income and ensuring that the tenant is able to meet their rental payments. Instant tenant verification will speed up the rental application process for Renters, Lettings Agents and Landlords
As part of the instant validation, Renters are also able to access a range of affordable, ethical and fair financial wellness products such as Canopy RentTracking™ or Budget Tracker.
For more information please see What is a RentPassport™?
How does it work?
We use Experian and Open Banking to help renters build their portable rental history.
Experian based checks (Processing time: 1min-5min)
- 3 Years Address history
- Soft credit check
- Adverse Financial History (CCJs, IVA and Bankruptcy)
- KYC (Know-Your-Customer)
- AML (Anti-Money Laundering)
Open Banking (Processing time: 5mins, subject to successfully connecting with tenants bank)
- Income Verification
- Rental Affordability (How much a Renter can spend on rent based on annual gross income)
- Rental Payments Verification, if previously renting in the U.K
Manual Income verification (Processing time: max 48hrs)
- Tenants provide proof of income (3 months payslips, bank statements, employment contract)
- Self-employed (tax returns, bank statements)
What is the cost of a Canopy RentPassport™ based tenant referencing?
Our Open Banking and Experian digital referencing checks are FREE for Letting Agents and Landlords. Canopy charges £3 plus VAT for comprehensive Employment and Landlord references.
For more info please see How to request full screening for a tenant.
How does a renter get a Canopy RentPassport™?
Will a credit check hurt a renter's credit score?
When a renter checks their credit score with Canopy, they are performing what is called a soft credit check. This credit inquiry will not impact a renter's credit, no matter how frequently a renter views their credit score.
What is the benefit of a digital renter screening solution- aka Canopy RentPassport™?
The approach by incumbent Tenant Screening companies is - "Tenants are guilty until proven otherwise" -The whole process is invasive asking Tenants to upload payslips and bank statements and then only sharing screening results with the Letting Agent or Landlord.
Canopy's RentPassport™ aims to build TRUST between renters, lettings agents and landlords. We are putting renters digital rental history at their fingertips - akin to LinkedIn for Renters.
RentPassport™ encourages greater renter mobility whilst rewarding Renters who pay their rent and bills on time through an improved Experian credit history.
For Letting Agents and Landlords
For Landlords, it's peace of mind knowing that each Renter has undergone comprehensive screening.
How can a renter instantly verify income?
How can a renter verify their employment details?
- Reference Letter on company letterhead
- Contact details for HR (please be aware this may cause delays as they may require written or verbal consent from the applicant to provide a reference)
- Three months most recent payslips (we can only verify their income with this, they will still need to provide a reference to confirm all employment details)
If they are self-employed, please see the list of documents we can accept:
- Most recent Tax Return
- Signed Accountants Reference on company letterhead
What happens if a tenant has a county court judgment (CCJ)/ invalid voluntary arrangement (IVA) in the proceeding 5 years?
Letting Agents and or Landlords may not accept renters with active or satisfied CCJs, or declare bankruptcy.
Can I request more than one guarantor for a renter?
Typically you would have one guarantor per renter but if your internal process allows you have more than one you can have more than one.
Unfortunately within HQ, you can only have one guarantor connected to one RentPassport™ but you are able to request a RentPassport™ for any additional guarantors so that they can complete their referencing.