Experian Boost is the UK’s first and only service to help consumers improve their credit scores using transactional information like total current account incomings and outgoings, as well as regular payments to digital streaming providers, savings accounts and council tax.
People connect to Experian Boost via Open Banking, voluntarily adding new, relevant and real-time information to take control of their credit score.
Experian Boost users can increase their credit scores by up to 101 points, which could mean a customer moves up two score bands. More than two thirds (68%) of those using Experian Boost will receive an instant increase to their Experian Credit Score.
NewDay will be offering a credit card with a 0% introductory rate, and this offer will be exclusively available to people who have raised their credit score through Experian Boost. The Aqua card offers 0% on balance transfers for 7 months and 0% on new purchases for 4 months. The offer will start on the date of account opening.
Sebastian Worbs, MD Products at Experian Consumer Services said: “We’re delighted that NewDay will be offering such a competitive credit card to people who have improved their credit score through Experian Boost. When we launched Experian Boost, we said our ambition was to help as many people as possible across the UK increase their credit scores and broaden access to affordable credit.
“As more lenders like NewDay consider using data from Experian Boost in their credit decisions, it means more consumers can put their best foot forward and get the credit they deserve, boosting financial inclusion and helping them save money on interest payments.”
Sharvan Selvam, Director of Own Brands at NewDay said: “We’re excited to partner with Experian and support this innovative initiative. We recognise the potential of additional insights from Experian Boost that can give us an even more rounded view of an applicant’s affordability,helping more people access credit responsibly.
“The partnership greatly complements our proprietary credit decisioning platform which, with over 1 trillion data points, already goes beyond the traditional bureau snapshots and allows NewDay to responsibly say ‘yes’ to more customers. NewDay is one of the most inclusive lenders in the UK and this partnership aligns closely with our purpose of helping people move forward with credit.”