Experian Introduces New Card to Support Consumers with Becoming Debt-Free, while Building Credit

Continuing its innovation to put debt-free, credit-building power in consumers’ hands, Experian launched the Experian Smart Money Digital Checking Account & Debit Card that embeds the first-of-its-kind feature Experian Boost.

Now it will be even more convenient for consumers “to use Experian’s FICO Score -boosting feature and improve their credit profile, while also benefiting from an industry-leading suite of financial tools all in one place.”

When consumers use the Experian Smart Money Digital Checking Account to pay bills that are eligible for Experian Boost “such as utilities, residential rent and telecom,”

Experian Boost will capture “the payments and add them to the consumers’ Experian credit file to potentially increase consumers’ credit scores. More than 14 million consumers have already connected to Experian Boost – via their existing checking account or credit card – with an average FICO® Score 8 increase of 13 points, among those that saw an increase, since its launch in 2019.”

Today, consumers can make a “smart” money move by paying their bills from the Experian Smart Money Digital Checking Account and “have the convenience of Experian Boost embedded with the account.”

The Experian Smart Money Digital Checking Account is “built for consumers looking for a streamlined financial experience to bolster their credit strength and overall financial health with more personalized benefits.”

This includes consumers who “are new to credit or just starting out as well as those looking to improve their credit profile.” It can be a first step “for young adults as a recent Experian survey shows that more than half (58%) of Gen Z say they don’t know how to start building credit.”

Beyond the integration with Experian Boost, “the account includes access to a worldwide network of over 55,000 surcharge-free ATMs , bill pay and the ability to receive a paycheck up to two days early for those who enroll in direct deposit.”

To open a digital checking account, consumers must “enroll in a free or paid Experian membership and establish their account.”

As part of the membership, consumers receive “a multitude of benefits, including access to their Experian credit report and FICO Score, an auto insurance comparison shopping service, credit card marketplace, dark web monitoring, credit education, credit monitoring and more.”

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