Experian launches new banking product
Experian is introducing the Experian Smart Money Digital Checking Account, a new banking product that embeds its Experian Boost feature, which could help users improve their credit profile.
When consumers sign up for the new checking account and use it to pay bills that are eligible for Experian Boost such as utilities, residential rent and telecom, Experian will capture the payments and add them to the consumers’ Experian credit file to potentially increase consumers’ credit scores.
The Experian Boost feature has been available for some time and more than 14 million consumers have already connected to service – via their existing checking account or credit card.
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.
The debit card is issued by Community Federal Savings Bank.
“With Experian Boost and Experian Go, we enabled millions of people who pay bills regularly to leverage their positive payment history to build their credit profiles. Now, we’ve made it more seamless to have those positive payments reflected with the Experian Smart Money™ Digital Checking Account so more consumers can reach their fullest financial potential. 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.
