EasyKnock has partnered with Piñata to offer EasyKnock’s customers access to credit building programs.
EasyKnock helps homeowners convert the trapped equity in their homes into cash and remain in their homes as renters, the company said in a Wednesday (April 24) press release.
Now, with this partnership, those customers can access Piñata’s reward and credit building platform for renters, according to the release.
“The benefits and rewards provided by Piñata are game-changing for American renters,” Jarred Kessler, CEO and founder of EasyKnock, said in the release. “Partnering with them ensures that our sale-leaseback customers can now improve their financial well-being while earnings rewards.”
EasyKnock will automatically report Piñata users’ on-time rent payments to the credit bureaus, enabling them to get credit for the rent payments and thereby build credit each month, according to the release. Late rent payments are not reported.
In addition, like other renters using Piñata, EasyKnock customers receive discounts and cash back on everyday purchases, rewards for on-time rent payments, access to renters insurance and access to monthly giveaways, the release said.
During the first few months that this offering was made available to EasyKnock customers, those renters who signed up for Piñata saw a 57-point improvement in their credit score, per the release.
“By teaming up with EasyKnock, we can help even more renters in their quest to improve their financial standing,” Lily Liu, CEO at Piñata, said in the release. “In joining EasyKnock on the mission to create more financial flexibility for American families, we can help them reach their goals and ultimately improve the quality of their lives.”
Piñata was founded in 2020 to make the renting process easier for tenants and landlords alike. At the time of its Series A funding round in February 2022, the company said it works to “make paying rent smarter and more rewarding for millions.”
EasyKnock’s offer of converting home equity into cash can be a financial lifeline for asset-rich, cash-poor people facing macroeconomic headwinds, Kessler told PYMNTS’ Karen Webster in an interview posted in March 2022.
“The place where most people are going to get their money, if they’re allowed to get it, is their home,” Kessler said. “That’s where we come in.”
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.