KOHO has consistently developed products aimed at helping Canadians achieve financial success. With the introduction of Rent Reporting, KOHO is now making it easier for Canadians to build a strong credit history. New and existing KOHO members who use the platform to pay their rent will have these payments reported directly to credit bureaus, contributing to their credit profile. Additionally, KOHO now provides renters with protection through Tenant Insurance, offering coverage in emergencies. Eligible members on the Everything plan who opt for Tenant Insurance will also receive an extra 0.25% cash back on every rent payment made through KOHO. This feature is seamlessly integrated into the KOHO app, providing members with more tools to enhance their financial well-being, making KOHO the top choice for renters in Canada.
“Approximately 40% of Canadians are renters. It’s outdated to think that mortgage payments contribute to credit building while rent payments do not,” says Daniel Eberhard, founder and CEO of KOHO. “We’re excited to offer Rent Reporting to our users and to introduce Tenant Insurance along with the first cash back on rent program in Canadian history. Newcomers, younger Canadians, and all renters deserve the same opportunities to build wealth, and we’re proud to contribute to that.”
Effortless Rent Reporting
Rent Reporting is a groundbreaking method for Canadians to improve their credit history and profiles. Since rent payments aren’t typically reported to credit bureaus, KOHO members can now utilize Rent Reporting to ensure that this significant monthly payment is reflected in their credit reports, potentially enhancing their credit score. KOHO handles the reporting process directly to the credit bureau at no additional cost to members, offering a simple way for renters to boost their credit history.
This service is integrated within the KOHO app, which also supports automatic payment processing and historical rent payment reporting. Each month, KOHO members can easily pay their rent from their KOHO account by entering the necessary details and completing the payment.
In line with KOHO’s mission to empower Canadians financially, eligible members can now earn 0.25% cash back on every rent payment made through the platform. Combined with KOHO’s industry-leading 5% interest rate, this feature helps more Canadians achieve their financial goals.
Affordable Tenant Insurance for Renters
KOHO members in Alberta, British Columbia, Manitoba, Nova Scotia, and Ontario who use Rent Reporting to build their credit now have access to affordable Tenant Insurance, offered in partnership with Walnut Insurance. With the high cost of insurance, many renters choose not to get coverage. However, KOHO’s Tenant Insurance is available at one of the most competitive rates in Canada, starting at just $22 per month. This allows renters to protect themselves and their belongings against unexpected events, offering peace of mind and long-term savings.
