Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian Credit Score instantly for free as a result of a new partnership agreed by the companies.
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.
Monzo customers connect to Experian Boost via Open Banking, voluntarily adding new, relevant and real-time information to take control of their credit score.
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.
Clive Lawson, Managing Director for Consumer Services at Experian, said “Our ambition with Experian Boost is to help as many people as possible across the UK increase their credit scores and make access to credit more inclusive. We’re delighted that Monzo customers can now take advantage of Experian Boost so soon after launch. We will continue to look for ways we can develop the service and help build better financial futures for consumers in the UK.”
Last year, Monzo and Experian announced a partnership, in which Monzo began sharing current account and loan data with Experian. Experian has continued to expand its credit information bureau by adding new and relevant financial information, so that lenders get the broadest view of financial behaviour available.”