UK, 30 March 2023: Experian Boost data will now be included in Virgin Slyce’s credit card decisioning process - giving Boost users more repayment flexibility as the cost-of-living challenges continue to impact their lives. Regardless of whether consumers apply for a Virgin Slyce credit card through Experian, Virgin Money, 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 Virgin Slyce further supports Experian’s mission to improve financial inclusion for consumers, as Boost users will have access to even better credit options and repayment plans.
Customers can connect to Experian Boost via Open Banking1, voluntarily adding new, relevant, and real-time information to take control of their credit score. Virgin Money Slyce, an innovative way to ‘buy now, pay better’, was launched in November 2022 and will help Boost customers manage their money in a way that works for them whilst also building their credit scores.
The card allows customers to spread any monthly spend over £30 across 3, 6, 9, or 12-month repayment plans, and paying back in 3 or 6 months is fee-free. Longer payment plans from 9-12 months have a 7.5-10% instalment fee. The new partnership means those with under 800 points who wouldn’t have been eligible for the card can use Boost to help increase their chances.
Sigga Sigurdardottir, Managing Director, Consumer Services at Experian, said: “The addition of Virgin Money Slyce is yet another positive step towards allowing more Boost users to improve their credit worthiness and access the right financial products for them. As the increased cost of living continues, it’s important for us to provide consumers with access to the best possible credit options.
“Experian Boost launched to help make affordable credit more inclusive, so we’re glad that our partnership with Virgin Money Slyce is building on our commitment to providing that opportunity for consumers across the UK.”
Jayne Sutherland, head of commercial strategy and propositions at Virgin Money, said:
“We believe that people deserve credit that’s simple, manageable and rewarding, helping to boost their credit score as they battle the cost-of-living crisis to build for the future. We’re proud to partner with Experian Boost on Virgin Money Slyce to help more people discover and benefit from this brilliant and fresh alternative to traditional BNPL providers, and instead pay in a way that best suits them.”
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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.
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.
Media contacts:
Eliza Odire-Boadi, Consumer PR Manager, Experian UK&I
Tel: 07816192572 / Email: eliza.odire-boadi@experian.com
Virgin Money Press Office
0800 066 5998
press.office@virginmoneyukplc.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. With corporate headquarters in Dublin, Ireland, 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 Virgin Money
Virgin Money is a full-service digital bank, serving 6.6m customers across the UK. It offers market-leading products and services to meet the full range of customers’ retail and business banking needs. Virgin Money aims to provide a consistently world-class experience for customers through its leading technology platform, telephone banking and a national network of innovative stores and business banking centres. By making banking better, Virgin Money seeks to deliver on its purpose of ‘Making you happier about money’.
Clydesdale Bank PLC (which also trades as Yorkshire Bank, B and Virgin Money) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register No. 121873. Credit facilities other than regulated mortgages and regulated credit agreements are not regulated by the Financial Conduct Authority. Clydesdale Bank PLC is registered in Scotland (No. SC001111). Registered Office: 30 St Vincent Place, Glasgow G1 2HL.