Experian launches debit card and digital checking account

Experian has launched a digital checking account and debit card to help its customers improve their credit scores.

The new products embed the company’s open banking-enabled feature, ‘Experian Boost’, which helps factors in a range of payments like subscription services into people’s credit scores.

With the debit card and checking account, customers will be able to more easily make use of this credit-boosting feature to improve their credit profiles.

The company also launched ‘Experian Go’ last year, which allows ‘credit invisible’ consumers with little or no credit history to create an Experian credit file for the first time.

Across both Boost and Go, Experian says it has enabled millions of people who regularly pay bills to use their positive payment history to build up 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,” Experian group president of consumer services Jeff Softley said.

“We have been revolutionising 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.”

More than 14 million customers have connected to Boost through their existing checking account or credit count since it launched in 2019, bolstering the company’s mission for ‘financial power for all’.

Beyond integrating with Boost, the new account will also provide customers with access to more than 55,000 fee-free ATMs worldwide and the ability to access their paychecks up to two days early.