What is CleverCredit?
CleverCredit is a feature included in the CanopyGrow® Premium plan which will allow you to create a credit agreement between you and Canopy.
As credit repayments are the most effective way to build and improve your credit history, Canopy will report your subscription payments to credit agencies as repayments.
How does CleverCredit work?
Simply pay your subscription payments each month for CanopyGrow® Premium.
CleverCredit will make the most of your Premium subscription by reporting these payments to credit agencies as credit repayments.
- No hard checks are required
- You can stop the subscription at any time without harming your credit
How do I sign up for CleverCredit?
Once you have subscribed to our CanopyGrow® Premium subscription you have the option to activate CleverCredit. You simply need to supply your address and date of birth and activate CleverCredit then we will start reporting your subscription payments to Experian and Equifax.
Will CleverCredit work for me if I pay for my subscription annually?
Yes, users that pay annually or monthly can benefit from CleverCredit. Your payments will be reported to Experian and Equifax once you activate CleverCredit.
How much will my score increase with CleverCredit?
There is no way to guarantee your credit score will change. This is because different credit reference agencies may factor in different things when forming your credit score. We can, however, confirm that Canopy will report your payments and CleverCredit will help build your credit history, which is the largest factor in any credit score.
For more information on what goes into your credit score, click here.
How do I deactivate?
You are not able to deactivate CleverCredit.
However, you can cancel your subscription, which will downgrade you to CanopyGrow® Standard and stop CleverCredit tracking and reporting your subscription payments. You will also lose access to other premium features such as Finance score and Credit Profile.
What happens if I cancel my subscription?
When you cancel your subscription, we will stop reporting your subscription payments and your credit agreement will be reported as settled in full. Your credit history will not be negatively impacted because of this.
Can CleverCredit impact my credit score negatively?
Although missed payments can impact your credit score, our CanopyGrow® subscriptions will require a direct debit to be set up. This will minimise the risk of missing any payments and impacting your credit score negatively.
As long as you pay your subscription payments your credit score will not be impacted negatively.
Do I need to pass a credit check?
You don't need to pass a credit check to use CleverCredit you will, however, need to supply your current address and date of birth in order to access CleverCredit.
How soon will CleverCredit appear on my credit report?
Canopy will report your payments on the 15th of the following month. As long as you pay your subscription each month, we will report the data every month.
You will be able to see a difference in your credit score, and how soon is dependent on the credit referencing agency.
Please note: It may take up to 3 months for CleverCredit to show on your Equifax credit report.
How will CleverCredit show up on my credit report?
We structure your subscription as a credit agreement so we can report each payment you make to Experian and Equifax as credit repayments. Since credit repayments make up a significant part of your credit score, this can be a very effective way of building your credit history and improving your credit score.
Will a hard check be required to sign up for CleverCredit?
No, as this is not a credit application we will not need to conduct a hard check.
I am already using a credit building tool, so why should I use Canopy?
Using more than one credit builder will benefit you as different companies will offer different tools. It’s best to maximise your effort and utilise our unique financial tools to boost your credit.