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The best financial app for renters
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You work hard to pay rent every month. But that big monthly payment goes straight to your landlord.
It’s time you get rewarded for it! With Rent Reporting, KOHO members can build credit history and earn cash back* with every rent payment.
And while you’re renting, the unexpected can happen.
For peace of mind, as a KOHO member you can protect you and your belongings with Tenant Insurance. Covering yourself now can save you money in the future.
Renters, we got you.
What is Rent Reporting?
First, we need to talk about credit in Canada. Your credit scores are important for so many parts of life. Like getting a new credit card, a mortgage, better interest rates. And… getting a rental.
When you apply for a rental, the landlord may run a credit check on you. The results could be the difference between getting your new home or being turned away.
So what goes into a credit check? When you open a line of credit, you borrow money and pay it back each month. If you do this regularly and on time, you build credit history. Your credit history is an element of your credit profiles which are created by credit bureaus.
When a landlord runs a credit check on you, they check your credit profiles. If you’re new to Canada or you haven’t opened a line of credit, you likely won’t have a credit profile.
How many times can we say the word “credit”, right?! Stick with us. We know understanding credit can be tricky, but hopefully we can simplify it a little.
Now back to Rent Reporting and how it relates to credit. Rent Reporting can build your credit history, and credit profiles, with a big payment that you make each month anyway. But credit bureaus won’t add your rent payments to your credit history unless you let them know you’re making the payments. This is the “reporting” part.
Instead of you doing the hard work of reporting your rent to a credit bureau (we use Equifax) each month–we do it for you.
How does Rent Reporting work?
Sign up to Rent Reporting with KOHO and pay your rent to your landlord from your KOHO account each month. We’ll report each payment to Equifax, they mark it as a payment and add it to your credit history. All in one app–easy.
Not a KOHO member yet? Check out our plans and see which one’s right for you. Hot tip: with the Everything plan, you earn cash back* on every Rent Reporting payment!
Can Rent Reporting help my credit scores?
Rent Reporting is one of a number of things that may improve your credit scores. Higher credit scores means you may be more likely to get a credit card, mortgage, rent a car or a home!
It’s important to pay your rent on time each month. Paying late or missing a payment may lower your scores.
What is Tenant Insurance?
OK, let’s say you’ve started Rent Reporting to build your credit history. Now you want to protect you and your belongings against any damage, right?
Tenant Insurance is your friend here. It’s a type of insurance that covers accidents to you and your belongings while you’re renting. You’re paying for peace of mind and protection. KOHO members get Tenant Coverage from $22 a month!**
Why do I need Tenant Insurance?
Deciding whether you need insurance can be a lot. Basically, it’s spending money now to protect your future self. You might not see the benefits of insurance today, but if something happens to you or your belongings while you’re renting you’ll be happy you made the decision.
What does Tenant Insurance cover?
Our Tenant Insurance, powered by Walnut, is tailored specifically for renters, rather than homeowners or landlords. It includes:
Bodily injury liability: Protects you if someone is injured while at your rental.
Property damage liability: If someone's property or belongings are damaged in your property during an incident, you'll be covered.
Additional living expenses: Covers you if you have to move out of your rental while it's being repaired after a claim.
Medical payments to others: Covers the bill if a guest is injured at your home, as a result of an accident.
Special animal liability waiver: Covers you for property damage and bodily injury caused by your pet.
Personal property coverage: If your personal belongings get damaged or stolen from your rental, you’ll get money to replace them.
Do I have to get Tenant Insurance with my rental?
To find out if you need insurance, review your rental agreement or speak to your landlord to make sure you’re protected.
Even if your landlord doesn’t require it, insurance covers you and your belongings if something unexpected happens in the future.
How do I make an insurance claim?
A claim is when something happens and you need to let your insurer know so they can see if you’re covered.
If something happens while you’re renting, check out our FAQs or reach out to our insurance partner, Walnut.
How do I sign up for Rent Reporting and Tenant Insurance?
If you’re not already a KOHO member, sign up to the Everything plan to get the maximum benefits
Check out our competitive pricing for Tenant Coverage to protect you and your belongings
Start Rent Reporting to build your credit history
Get 0.25% cash back* on every Rent Reporting payment with the Everything plan
Your credit history may improve
*Cash Back Terms: You will earn a cash back of 0.25% on up to $3000 rent paid via your KOHO account per month, if you are signed up for: (i) Rent Reporting; (ii) Everything Plan; and (iii) Tenant Coverage. Offer available in select Provinces. See full Terms.
**The $22/month Tenant Coverage price is only available for eligible provinces: AB, BC, ON, MB, NS.