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.
Experian Boost is the UK’s first service to help 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, with the company advising no one will see their Experian Credit Score go down as a result of signing up to Experian Boost.
Customers of many high street banks can already link their accounts to Experian Boost, and the company is working hard to bring more UK banks onboard so even more people can connect to the service and help improve their credit scores.
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.
“Experian Boost rewards customers for making regular payments to a broader range of organisations, like digital streaming providers, while also improving lenders’ credit assessments. Crucially, this means Experian Boost can support fairer lending and including more people in the mainstream financial system.”
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.