The credit score facility will be rolled out over the next few months starting in March and Monzo customers will be able to see their score through the Monzo app, Monzo said in a blog posting. Monzo is the first bank to offer the service free of charge.
Customers of the digital bank will be able to see why their credit score has gone up and down and it will also offer advice on how credit scores can be improved and maintained. Monzo will hope the tool will help it pinch market share from the likes of Experian and Equifax.
Monzo uses credit score data from credit reference agencies TransUnion and Experian to help it makes decisions about who it can lend to. The score users will see in the app comes via data from TransUnion. By comparison, Barclays has a similar credit score tool which costs users GBP 5.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright