The credit bureaus are becoming fintech companies.
In an industry first, Experian is now offering a digital checking account and debit card called Experian Smart Money™ Digital Checking Account. It comes with Experian Boost built in, so that is the hook.
Experian Boost is an opt-in service that allows consumers to potentially get credit for paying regular bills on time such as rent, utilities, cell phone and streaming services.
It currently has 14 million people signed up. This new account from Experian will automatically detect transactions that are eligible for Experian Boost and add them to a consumer’s Experian credit file, potentially increasing their credit score.
The bank account is offered in partnership with Community Federal Savings Bank and offers the standard fintech features such as early access to your paycheck, free ATM transactions, bill pay and no monthly fees.
While the fintech bank account space is crowded this could attract those people who are highly motivated to increase their credit score.
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