Experian has launched the Experian Smart Money Digital Checking Account and Debit Card, featuring FICO score-boosting Experian Boost.
The new offering aims to provide consumers with a way to build credit without accumulating debt, the global information services company said in a Monday (Oct. 2) press release.
“We have been revolutionizing the way credit and everyday finances mingle, and this offering is a natural next step in how we are using our technology to provide consumers greater credit-building power and financial control,” Jeff Softley, group president of Experian Consumer Services at Experian, said in the release.
The Experian Smart Money Digital Checking Account allows consumers to pay eligible bills, such as utilities, rent and telecom, and have those payments added to their Experian credit file, according to the release. This has the potential to increase consumers’ credit scores and improve their credit profile.
By integrating Experian Boost with the Experian Smart Money Digital Checking Account, Experian aims to provide a streamlined financial experience for consumers looking to bolster their credit strength and overall financial health, the release said. The offering is particularly beneficial for consumers who are new to credit or looking to improve their credit profile.
In addition to the Experian Boost feature, the Experian Smart Money Digital Checking Account offers access to a worldwide network of over 55,000 surcharge-free ATMs, bill pay services and, for those enrolled in direct deposit, the option to receive a paycheck up to two days early, per the release.
The launch is part of Experian’s mission to expand access to credit-building innovations and provide fair and affordable credit to consumers worldwide, according to the release. It follows last year’s introduction of Experian Go, which allows “credit invisible” consumers with little or no credit history to establish an Experian credit file for the first time.
PYMNTS Intelligence found that members of younger generations, such as millennials and Generation Z, are least likely to have a solid understanding of financial matters. The challenge is making these younger adults lean more heavily on digital banking tools to seek financial advice and knowledge, according to the “Digital-First Banking Tracker,” a PYMNTS and NCR collaboration.