KOHO claims that it has always built products that help Canadians make financial progress.
Now, 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.”
Daniel Eberhard, founder and CEO of KOHO said:
“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 The idea that paying a mortgage counts towards building credit, but paying rent doesn’t, is an outdated view of the world.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. Newcomers, younger Canadians and all renters deserve equal opportunities at building wealth. We’re so excited to play a small role in that.”
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.”
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.”
