Home equity solution platform EasyKnock has forged a partnership with Piñata, the reward and credit building platform for renters. Through this partnership, American renters, and specifically EasyKnock customers, are both rewarded and provided a path to credit worthiness.
EasyKnock gives homeowners a way to convert the trapped equity in their homes into cash and remain in their homes as renters. EasyKnock customers also retain an option to repurchase their homes or direct a second sale for additional cash in the future.
In its first few months in-market, EasyKnock tenants using Piñata have seen their credit score improve by an average of 57 points. EasyKnock automatically reports Piñata users’ on-time rent payments to the bureaus (late rent payments are not reported), enabling them to build credit each month with TransUnion, Equifax and Experian. It is estimated that under five percent of roughly 80 million American renters get credit for their rent payments.
Renters using Piñata also receive discounts and cash back on everyday expenses, rewards for on-time rent payments, access to renters’ insurance and thousands of dollars in monthly giveaways. Customers are given access to a platform to track their point balance, redeem for rewards, review their credit score and months of on-time rent reported to the bureaus. They can also earn points for participating in credit education and surveys. Popular rewards include charitable contributions, self-care items, and home goods.
“The benefits and rewards provided by Piñata are game-changing for American renters,” said Jarred Kessler, CEO and founder of EasyKnock. “Partnering with them ensures that our sale-leaseback customers can now improve their financial well-being while earning rewards. It also ensures renters are celebrated and supported in ways that are long-overdue.”
“By teaming up with EasyKnock, we can help even more renters in their quest to improve their financial standing,” said Lily Liu, CEO of Piñata. “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. ”
