Experian gives Monzo Bank customers a boost

Monzo customers can now connect their bank accounts to Experian Boost and instantly improve their credit scores. Experian is working to maximise access to its ground-breaking service.

UK, 1 February 2021: Monzo Bank customers can now connect their bank accounts to Experian Boost, giving them the ability to increase their Experian Credit Score instantly for free.

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.

Monzo customers connect to Experian Boost via Open Banking1, voluntarily adding new, relevant and real-time information to take control of their credit score.

The maximum amount people can boost their score by is 66 points. No one will see their Experian Credit Score2 go down as a result of signing up to Experian Boost.

Customers of many high street banks can already link their accounts to Experian Boost, and the company is working hard to bring more UK banks on board so even more people can connect to the service and help improve their credit scores.

Clive Lawson, Managing Director for Consumer Services at Experian, said: “Our ambition with Experian Boost is to help as many people as possible across the UK increase their credit scores and make access to credit more inclusive. We’re delighted that Monzo customers can now take advantage of Experian Boost so soon after launch. We will continue to look for ways we can develop the service and help build better financial futures for consumers in the UK.

“Experian Boost rewards customers for making regular payments to a broader range of organisations, like digital streaming providers, while also improving lenders’ credit assessments. Crucially, this means Experian Boost can support fairer lending and including more people in the mainstream financial system.”

Last year, Monzo and Experian announced a partnership, in which Monzo began sharing current account and loan data with Experian. Experian has continued to expand its credit information bureau by adding new and relevant financial information, so that lenders get the broadest view of financial behaviour available.3 

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1Open 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.

2The 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.

3 https://www.experianplc.com/media/news/2020/experian-and-monzo-announce-new-partnership/

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 17,800 people operating across 45 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.