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Monzo introduces free credit scoring tool

Tuesday 25 February 2020 12:36 CET | News

UK-based challenger Monzo has announced that its consumers will be able to see their credit score for the first time, offering the service free of charge. 

 

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.

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Keywords: Monzo, credit scoring tool, product upgrade, online banking, mobile banking, United Kingdom, challenger bank, online bank, neobank
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech