Experian Boost data will now be included in Zopa Bank’s credit decisioning process, giving Boost users access to more favourable credit options

February 6th, 2023: Experian Boost data will now be included in Zopa Bank’s credit card decisioning process – giving customers better rates and offering them reduced APR for a fixed period. Regardless of whether consumers apply for a Zopa credit card through Experian, Zopa itself, or any other third-party site, their boosted Experian credit scores will be considered.    

Experian Boost is the UK’s first service to help consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts, and council tax. The partnership with Zopa supports Experian’s mission to improve financial inclusion for consumers as Boost users will have access to even better credit options. 

Experian and Zopa customers will receive a reduced APR when they apply for a Zopa Credit Card using Experian Boost data. Customers can also connect to Experian Boost via Open Banking1, voluntarily adding new, relevant, and real-time information to take control of their credit score.  

Zopa’s credit card is managed via a unique app and offers a range of features. This includes a ‘Credit Cushion’ option which allows users to set aside some of their available credit balance for a rainy day. Customers can also stay in control of their spending through instant payment notifications and real-time balance updates. The simple app makes managing money easy with options to see a PIN, download statements, instant freezing, and unfreezing of a card, and adding a card to digital wallets.  

Sigga Sigurdardottir, Managing Director, Consumer Services at Experian, said:  

"The addition of Zopa is another great step towards allowing more Boost users to improve their creditworthiness and access the right financial products for them. With a reduction in APR, this partnership provides consumers with improved access to the best possible credit options when they need them the most.  

Experian Boost was launched to make affordable credit more inclusive for all consumers across the UK, and we’re glad that our partnership with Zopa is enabling us to continue to work towards this goal.” 

Tim Waterman, Chief Commerical Officer at Zopa, said:  

“Zopa always puts customer fairness and transparency at the heart of its offering and this partnership with Experian is true to that vision, giving people access to fair and good-value credit. Experian Boost is an important resource for users to potentially increase their credit scores and take further steps to improve their score over time. 

The collaboration, alongside our range of other tools, makes Zopa Bank a highly competitive choice for consumers.” 

-ENDS- 

NOTE TO EDITORS: 

  • Not all credit scores will increase with Boost, but it will never cause a credit score to go down. Free Experian account linked to your current account is required. Not all lenders use Boost. 

Open Banking is an initiative that allows consumers to share their bank transactions with FCA authorised third parties via a safe and secure connection. Data cannot be shared without the consumer’s explicit consent. The aim of Open Banking is to drive innovation in the quality of products and services that people can access.  

Open Banking uses APIs – or Application Programme Interfaces – which are technology that allow banks and other companies to conveniently and securely share data between their organisations. 

The Experian Credit Score is based on the information in their Experian Credit Report, such as how many credit accounts they have and how much credit they use as a percentage of their credit availability. It runs from 0-999 and can give someone a good idea of how lenders are likely to view them. The higher their score, the better the chance the individual has of securing the credit they’re after along with lower interest rates because they are predicted as more likely to pay back their borrowing. The table below is a score band guide to show what scores generally secure the best offers. 

Experian Credit Score Bands  

Very Poor              0 - 560 

Poor                      561 – 720 

Fair                        721 - 880 

Good                     881 - 960 

Excellent               961 – 999 

An Experian Credit Report already includes a wide variety of accounts such as loans, credit cards, mortgages, mobile phone contracts, bank accounts and even some regular household bills such as energy, water and broadband. Reports also include a selection of relevant public records such as the electoral register as well as court judgments (‘CCJs’ in England and Wales) and insolvencies. In most cases, a credit report captures this information over the past six years. 

Alongside the credit report, the lender might also assess the information on your application form (about your occupation and income, for example) along with any information it already knows about you if you’ve been a customer before. 

Media contacts: 

Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I  

Tel: 07816192572 / Email: eliza.odire-boadi@experian.com   

Wilfred Collins, PR Executive, Zopa  

Email: PR@Zopa.com  

About Experian  

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. 

We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.  

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. 

About Zopa 

Launched 2 years ago, Zopa Bank is the tech unicorn that raised $500 million from the early investors of Slack, Uber, and Alibaba to build the UK’s best bank for saving and borrowing.  

Its unique P2P heritage rooted in fintech brings 17 years of lending experience to its operations as well as £8bn funds in personal loans approved.    

Since launching its bank in 2020 it has attracted £3 billion in deposits, more than £2bn of loans on balance sheet, and issued 350,000 credit cards.  

Zopa has around 850,000 customers. It helps them better manage their money with a fee-free credit card, savings accounts, personal loans, auto finance, money management, and financial health tools.   

Users rate Zopa 4.5 out of 5 on TrustPilot (classed as an ‘excellent’ rating) and it has been voted the UK’s Bank of the Year for 2022 by AltFi.  

Zopa bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 

 

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