Green Dot Corporation is partnering with Experian to introduce new credit features on its new digital bank GO2bank. They will help customers improve their credit while protecting their identity.
“Every American, regardless of credit history or experience, deserves quick and easy access to their credit score, as well as tools and opportunities to improve it and save money,” said Dan Henry, CEO of Green Dot. “Poor credit is expensive, particularly for the two in three Americans living paycheck-to-paycheck, and we’re proud to partner with Experian to offer tools that help our customers save, stretch their money a bit further, and build a stronger financial foundation for the future.”
Twenty per cent of American adults either live with no credit score or are credit invisible, yet many want to improve their credit. GO2bank customers can freely use Experian Boost to increase their FICO score by paying utility and phone bills. The process will be protected by Experian CreditLock.
“Collaborating with one of the fastest growing digital banks is another way Experian is working on behalf of consumers to give them more control of their credit profile and credit scores,” said Jeff Softley, president, Direct to Consumer, Experian Consumer Services. “Millions of GO2bank customers will now have access to more financial tools and the one-and-only Experian Boost, which gives them an advantage; they can leverage all of these resources in one place, and potentially open more credit doors instantly.”
These efforts should help those struggling to access affordable credit and improve their credit scores. Experian Boost uses a positive bill-paying history to help customers build those better scores. Of those participants who began with a FICO score of 680 or lower, 70 per cent improved it, the company said.
Customers can access their FICO score for free through their Experian membership along with credit monitoring and alerts. Experian Boost helps them improve their scores through the monitoring of successful payments GO2bank also helps customers lock and unlock their Experian credit file in order to maintain security. GO2bank’s Secured Credit Card comes with no credit check or annual fee.