Green Dot’s new flagship digital bank will offer access to Experian Boost to increase consumers’ FICO® Score2 immediately, plus features to protect against identity theft
Green Dot Corporation announced it is partnering with Experian to introduce new credit features to help customers safely access and improve their credit and protect their identity on GO2bank, Green Dot’s new flagship digital bank launched earlier this year.
“Collaborating with one of the fastest growing digital banks is another way Experian is working on behalf of consumers to give them more control of their credit profile and credit scores”
“Every American, regardless of credit history or experience, deserves quick and easy access to their credit score, as well as tools and opportunities to improve it and save money,” said Dan Henry, CEO of Green Dot. “Poor credit is expensive, particularly for the two in three Americans living paycheck-to-paycheck, and we’re proud to partner with Experian to offer tools that help our customers save, stretch their money a bit further, and build a stronger financial foundation for the future.”
One in five American adults are living with no credit score or are credit invisible, the majority of whom are actively looking to improve their credit. Through this new partnership, GO2bank will offer customers free access to Experian Boost to increase their FICO® Score by paying utility and phone bills, plus Experian CreditLock to help protect against identity theft.
“Collaborating with one of the fastest growing digital banks is another way Experian is working on behalf of consumers to give them more control of their credit profile and credit scores,” said Jeff Softley, President, Direct to Consumer, Experian Consumer Services. “Millions of GO2bank customers will now have access to more financial tools and the one-and-only Experian Boost, which gives them an advantage; they can leverage all of these resources in one place, and potentially open more credit doors instantly.”
GO2bank’s expanded credit suite is offered free of charge and is designed to offer features for the customer who is struggling to get fairly priced products to improve their credit scores. Experian Boost, a feature offered for free through Experian, uses positive payment history for utility and phone bills as well as video streaming services to help consumers increase their FICO® Score, ultimately allowing them to gain access to credit with better terms. In the two years since its launch, the tool has helped nearly eight million consumers collectively increase their FICO Score by more than 50 million points. Of those users starting with a FICO Score of 680 or below, 70 percent increased their FICO® Score.
The new credit tools, offered through GO2bank, will offer seamless access to industry-leading credit tools and features, including:
- Clear credit picture: Customers can access their FICO® Score through their Experian membership free of charge, along with Experian credit monitoring and alerts.
- Improve credit instantly: Customers can increase their FICO® Score through Experian Boost by getting credit for paying bills like video streaming services, phones, and utilities.
- Safety and protection: GO2bank helps customers protect against identity theft by offering the ability to lock and unlock their Experian credit file, in addition to the peace of mind that comes with banking through its chartered, FDIC-insured bank.
- Access to credit: GO2bank’s Secured Credit Card is already available with no credit check or annual fee, so customers can establish and build credit, regardless of credit history.3
- Single ecosystem for credit health: Additional features focused on graduating customers to new credit offerings and ways to save to be added throughout 2021 and beyond.
GO2bank is Green Dot’s new flagship digital bank designed to offer meaningful value where people need it most and help improve financial health over time, all in one easy-to-use mobile app. GO2bank helps customers build confidence and control in the way they manage their money with up to $200 overdraft protection, high-value rewards, high-interest savings, and opportunities to establish, build, and track credit, regardless of credit history. GO2bank also features low or no monthly fees, easy access to more than 90,000 retail locations nationwide to deposit money quickly and conveniently, and the ability to get paid up to two days early (or up to four days early for government benefits).