Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian credit score for free.
Experian Boost helps consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts and council tax, for instance.
Monzo customers connect to Experian Boost through an Open Banking integration, voluntarily adding real-time information to “take control” of their credit score, said Monzo.
The maximum amount people can boost their score by is 66 points. No one will see their Experian Credit Score go down as a result of signing up to Experian Boost, said the two companies.
Customers of many High Street banks can already link their accounts to Experian Boost.
Clive Lawson, managing director for consumer services at Experian, said: “We will continue to look for ways we can develop the service and help build better financial futures for consumers in the UK, while also improving lenders’ credit assessments.”
Last year, Monzo began sharing current account and loan data with Experian.
Experian credit score bands:
Very Poor 0 - 560
Poor 561 - 720
Fair 721 - 880
Good 881 - 960
Excellent 961 - 999
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