VANCOUVER, British Columbia--(BUSINESS WIRE)--KOHO has always built products that help Canadians make financial progress. Today, with the launch of Rent Reporting, KOHO is making healthy credit more accessible to all. New and existing KOHO members who pay rent through KOHO will have rent payments reported directly to the credit bureau, helping build credit history. Plus, KOHO now offers renters protection through Tenant Insurance, in case of emergency. Eligible KOHO members on the Everything plan with Tenant Insurance coverage, also get a bonus 0.25% cash back automatically deposited to their KOHO account on every rent payment made through KOHO. This is all integrated into the KOHO app, giving members even more features at their fingertips to improve their financial health, on the best account for renters in Canada.
“Roughly 40% of Canadians rent. The idea that paying a mortgage counts towards building credit, but paying rent doesn’t, is an outdated view of the world. We’re thrilled to bring Rent Reporting to our users. More than that, we’re adding Tenant Insurance and the first cash back on rent program in Canadian history,” says Daniel Eberhard, founder and CEO of KOHO. “Newcomers, younger Canadians and all renters deserve equal opportunities at building wealth. We’re so excited to play a small role in that.”
Hassle-free Rent Reporting
Rent Reporting is an innovative new way for Canadians to build their credit history and credit profiles. As rent payments are not automatically reported, KOHO members can now take advantage of Rent Reporting by KOHO to ensure this big monthly payment shows up on their credit reports which may help improve their credit history. KOHO takes care of reporting rental payments directly to the credit bureau, and at no extra cost to KOHO members. This ensures the payment is added to a renter’s credit profile, providing a hassle-free way for renters to improve their credit history.
Rent Reporting is integrated into the KOHO app and includes features for automatic payment processing and historical rent payment reporting. Each month, when KOHO members pay their rent to their landlord from their KOHO account, they simply add their payment details and make the payment.
As part of KOHO’s mission to financially empower a generation of Canadians, eligible KOHO members now can earn 0.25% cash back automatically deposited to their KOHO account on every rent payment made through KOHO. This, on top of KOHO’s industry leading 5% interest rate will help more hard working Canadians make their big ambitions a reality.
Affordable Tenant Insurance for renters
KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario using Rent Reporting by KOHO to build their credit now also have an affordable way to protect themselves and their rental against any damage with KOHO’s Tenant Insurance, in partnership with Walnut Insurance.
With the high cost of insurance, renters often forgo getting coverage. As KOHO’s new tenant Insurance is offered at one of the most competitive rates in Canada, starting at $22 per month, renters can have peace of mind knowing they are prepared for the unexpected and can cover themselves now to save money in the future.
To learn more and sign up for Rent Reporting, Tenant Insurance, and all KOHO products and services, visit www.koho.ca.
About KOHO
KOHO is a fintech company equipped with a Mastercard for spending and tools for KOHO users to earn and borrow money, build credit, and budget. The company was founded in 2014 with a powerful mission, born from a genuine desire to help people and an ambition to make a positive impact on the lives of many. In the eight years since its launch, KOHO has built a product people love, and has touched the lives of more than one million users.
