Santander adds £40 reward for Experian Boost users

Credit bureau Experian and bank Santander are partnering on an incentive for customers to use open banking to improve their credit scores.

The bank will give customers who use Experian Boost to raise their credit scores a £40 Amazon voucher when they take out a Santander credit card through Experian Marketplace for the next few days.

Experian Boost launched in November 2020 and utilises open banking to factor subscription payments and other bills in improving people’s credit scores.

It launched in the US in 2019 before making the move to the UK, and lets users share additional financial information, such as a regular income and certain bills paid on time, like council tax.

About 1.2 million people in the UK currently use the free service to improve their credit score, with 63 per cent seeing an instant increase.

“We launched Experian Boost to help people improve their creditworthiness and access the right financial products for them,” MD products at Experian Consumer Services, Sebastian Worbs, said.

“Working with partners like Santander allows us to offer more choice to people at the moment they need it, in a way they can afford.”

The global retail bank will reward customers who use the platform and have seen an improvement in their credit.

“We're excited to partner with Experian and support this innovative initiative,” product proposition manager at Santander, Anthony Redpath, said.

“We recognise the potential of additional insights from Experian Boost, which can give us an even more rounded view of an applicant's affordability, helping more people access credit responsibly.”