Experian gives Monzo customers a (credit score) Boost
Put that Netflix subscription to work.
Experian’s Open Banking-powered Boost feature made headlines when it launched in the UK last year letting consumers factor Netflix, Amazon and Spotify subscriptions into their credit scores—now it’s available for Monzo customers too.
As a reminder, Boost can improve someone’s credit score by up to 66 points based on regular monthly payments like council tax or subscriptions, and Experian won’t use the data to lower anyone’s score.
“Experian Boost rewards customers for making regular payments to a broader range of organisations, like digital streaming providers, while also improving lenders’ credit assessments,” said Clive Lawson, managing director for consumer services at Experian.
“Crucially, this means Experian Boost can support fairer lending and including more people in the mainstream financial system.”
When Boost launched Experian said around 51 per cent of people would see an improved credit score as a result of using the service, and in the US some 18m people have already signed up.
It’s also not the first time Monzo and Experian have worked together. Last year, Monzo began sharing current account and loan data with Experian for use in its rating model as part of the bank’s push into lending.