Following this announcement, the new product is expected to optimise DailyPay’s strategy of supporting its users’ overall financial wellness journey, wherever that may be. Credit Health is set to optimise the manner in which workers monitor their credit score, as well as their overall privacy and experience.
In addition, the financial institution will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
According to the Federal Reserve Bank of New York, total personal debt in the US is represented by nearly USD 17.7 trillion, as over 3 in 4 (77%) of American households have some kind of debt as well. The need for credit monitoring is very relevant, as a poor credit score has a number of pernicious effects on one’s financial life, from being unable to buy a home to paying higher insurance rates.
Throughout this product release, DailyPay users will have the possibility to stay informed about their credit status, as well as identify potential issues promptly, and make more informed decisions about their overall financial situations. The tool represents a free financial wellness service that is integrated into the DailyPay application.
The central goal of the company is set on building credit, as good habits unlock fundamental financial opportunities across apartment leases, car loans, borrowing costs, and more.
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