Experian launches Experian Smart Money Digital Checking Account and Debit Card

Following this announcement, customers and clients of Experian will be enabled to use the company’s FICO Score-boosting feature and optimise their overall credit profile. Furthermore, they will be given access to other benefits, such as a secure and efficient suite of tools that can be leveraged in one place. 

The new Experian Smart Money Digital Checking Account can be used to pay their bills that are eligible for Experian Boost (including residential rent, telecom, or utilities), and the feature will capture the transactions and add them to the users’ credit file. This will enable customers to potentially increase their credit scores, in a secure and efficient way. 

The new service was designed in order to allow customers to bolster their credit strength and financial wealth with features and benefits that meet their needs, preferences, and demands. The product can be used by clients that are new to credit, as well as the ones that aim to improve their profile. In addition, users will be enabled access to a worldwide network of several surcharge-free ATMs, bill pay, and the capability to receive paychecks up to two days early for users that enrolled in direct deposit. 

In order to open a digital checking account, clients will be required to enroll in a free or paid Experian membership and make their account. After the account is made, customers will be able to use multiple benefits, such as auto insurance comparison shopping solutions, access to their Experian credit report and FICO score, dark web monitoring, credit monitoring, credit education, credit card marketplace, and more. 

Experian’s recent releases and partnerships

Information services company Experian had multiple collaborations and launches in the last couple of months, covering several geographic areas around the world. 

In July 2023, the firm announced the launch of a report in which it was showcased that 50% more clients feared becoming fraud targets compared to 2022. The publishing suggested that both businesses and customers were considering that maintaining a strong focus on fraud detection and security measures remained paramount, especially during times of overall economic uncertainty. In addition, almost two-thirds of the users surveyed at the time expressed that there exists considerable or moderate apprehension regarding online security methods. 

Earlier in June 2023, Experian rolled out its new suite of services 4D Credit, aiming to improve the manner in which lenders and clients manage their commercial lending portfolio and support the development process of small and medium-sized enterprises (SMEs). 

Following this launch, commercial lenders were given the possibility to access Experian’s credit risk data and analytics capabilities all in one place. The 4D Credit solution provided a dull picture view of affordability, risk, growth, and survivability by sourcing and analysing multiple relevant data sources. These included credit consumption, current amount turnover, and payment behaviour.