Experian partners with Zopa Bank

Experian Boost data will now be included in Zopa Bank’s credit card decisioning process – giving customers better rates and offering them reduced APR for a fixed period. Regardless of whether consumers apply for a Zopa credit card through Experian, Zopa itself, or any other third-party site, their boosted Experian credit scores will be considered.

Experian Boost is the UK’s first 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. The partnership with Zopa supports Experian’s mission to improve financial inclusion for consumers as Boost users will have access to even better credit options.

Experian and Zopa customers will receive a reduced APR when they apply for a Zopa Credit Card using Experian Boost data. Customers can also connect to Experian Boost via Open Banking1, voluntarily adding new, relevant, and real-time information to take control of their credit score.

Zopa’s credit card is managed via a unique app and offers a range of features. This includes a ‘Credit Cushion’ option which allows users to set aside some of their available credit balance for a rainy day. Customers can also stay in control of their spending through instant payment notifications and real-time balance updates. The simple app makes managing money easy with options to see a PIN, download statements, instant freezing, and unfreezing of a card, and adding a card to digital wallets.

Sigga Sigurdardottir, Managing Director, Consumer Services at Experian, said: “The addition of Zopa is another great step towards allowing more Boost users to improve their creditworthiness and access the right financial products for them. With a reduction in APR, this partnership provides consumers with improved access to the best possible credit options when they need them the most.

“Experian Boost was launched to make affordable credit more inclusive for all consumers across the UK, and we’re glad that our partnership with Zopa is enabling us to continue to work towards this goal.”

Tim Waterman, Chief Commerical Officer at Zopa, said: “Zopa always puts customer fairness and transparency at the heart of its offering and this partnership with Experian is true to that vision, giving people access to fair and good-value credit. Experian Boost is an important resource for users to potentially increase their credit scores and take further steps to improve their score over time.

“The collaboration, alongside our range of other tools, makes Zopa Bank a highly competitive choice for consumers.”