Canopy

Tracytrace

Has anyone used the canopy app to track rent payments therefore upping credit score? I just saw a story on mse about it well when you click the link , anyway I’ve signed up but read something about it reporting late rent when it actually wasn’t, it asks you for a date to track the rent but I get paid on different dates (last Thursday of every month) so the date I pay it varies so couod  the fact that I can’t put a specific date make it think it’s paid late? Hope this makes sense 

Grumpy_chap

Tracytrace said:

Has anyone used the canopy app to track rent payments therefore upping credit score? I just saw a story on mse about it well when you click the link , anyway I’ve signed up but read something about it reporting late rent when it actually wasn’t, it asks you for a date to track the rent but I get paid on different dates (last Thursday of every month) so the date I pay it varies so couod  the fact that I can’t put a specific date make it think it’s paid late? Hope this makes sense 

Does that app charge a fee?
Which "credit score" does it claim to improve?
The "credit score" you see from the CRAs is meaningless.
A credit provider will base any decision on your financial history as a whole, including information you provide as part of the application.

flaneurs_lobster

Grumpy_chap said:

Tracytrace said:

Has anyone used the canopy app to track rent payments therefore upping credit score? I just saw a story on mse about it well when you click the link , anyway I’ve signed up but read something about it reporting late rent when it actually wasn’t, it asks you for a date to track the rent but I get paid on different dates (last Thursday of every month) so the date I pay it varies so couod  the fact that I can’t put a specific date make it think it’s paid late? Hope this makes sense 

Does that app charge a fee?
Which "credit score" does it claim to improve?
The "credit score" you see from the CRAs is meaningless.
A credit provider will base any decision on your financial history as a whole, including information you provide as part of the application.

Seems a bit rum that the oft-quoted mantra about "credit scores are meaningless" seems to be rather at odds with the article on MSE concerning these renter's credit score improvement apps

Some users of these schemes have reported seeing significant improvements in their credit reference agency credit scores, including one person who reported a 250-point jump over four months. 

If the scores are meaningless then why bother promoting their score-improving properties? It does seem that these schemes will add your rent payments to your credit report (presumably a good thing) but credit score pumping?

eddddy

flaneurs_lobster said:

Seems a bit rum that the oft-quoted mantra about "credit scores are meaningless" seems to be rather at odds with the article on MSE concerning these renter's credit score improvement apps

I tend to agree - credit scores aren't meaningless. But they are only part of the picture.

The Credit Reference Agencies (CRA) will use a formula (or scorecard) for calculating a score which is similar to the formula/scorecard used for Landlord Credit Checks, Credit Cards, Mortgages etc.

• So getting a high score from a CRA suggests that you should also get a high score from a Landlord Credit Check, Bank etc. (So you don't have to worry so much about that aspect.)

• And getting a low score from a CRA suggests that you will also get a low score from a Landlord Credit Check, Bank etc. (So that might be a problem, and you should see what you can do to address it.)

But it's only part of the picture - because CRAs don't know anything about your affordability (income vs expenditure), job security etc.

So you might have a great credit score - but still get rejected because of your low income, and/or because you've just changed jobs, etc.