Experian uses Open Banking to include Netflix, Spotify subscriptions for credit scores

Wednesday 11 November 2020 14:19 CET | News

Credit ratings agency Experian has decided to use an Open Banking service which will factor in Netflix, Amazon Prime, and Spotify subscription payments and other bills to improve people’s credit scores.

Experian is importing the service from the US to the UK and claims it will increase the credit scores of millions, according to AltFi. Experian said over 51% of individuals using the opt-in free service called Experian Boost will get an improved credit score. Experian Boost will add in a range of payments via Open Banking, including money earnt and spent, as well as council tax payments, savings and investments, and subscription payments to Netflix, Spotify, and Amazon Prime, to credit scores.

By signing up to Experian Boost, an individual can boost their score by 66 points, while no individual’s credit score will go down. In the US, where it launched in 2019, nearly five million Americans signed up in the first 18 months.

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Keywords: Experian , Open Banking, Spotify, Netflix, credit scores, credit ratings, Amazon, subscription payments, US, UK
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech