Build Credit Debt-Free with the New Experian Smart Money™ Digital Checking Account & Debit Card

The company’s game-changing feature Experian Boost® is embedded to identify eligible bill payments that can potentially increase credit scores

Continuing its trailblazing innovation to put debt-free, credit-building power in consumers’ hands, today Experian^® launched the Experian Smart Money™ Digital Checking Account & Debit Card¹ that embeds the first-of-its-kind feature Experian Boost^®2. Now it will be even more convenient for consumers to use Experian’s FICO^® Score³-boosting feature and improve their credit profile, while also benefiting from an industry-leading suite of financial tools all in one place.

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Experian announces the launch of the Experian Smart™ Money Digital Checking Account & Debit Card. (Photo: Business Wire)

Build credit without debt

When consumers use the Experian Smart Money™ Digital Checking Account to pay bills that are eligible for Experian Boost such as utilities, residential rent and telecom, Experian Boost will capture the payments and add them to the consumers’ Experian credit file to potentially increase consumers’ credit scores. More than 14 million consumers have already connected to Experian Boost - via their existing checking account or credit card - with an average FICO^® Score 8⁴ increase of 13 points, among those that saw an increase, since its launch in 2019.

Today, consumers can make a “smart” money move by paying their bills from the Experian Smart Money™ Digital Checking Account and have the convenience of Experian Boost embedded with the account. The Experian Smart Money™ Digital Checking Account is built for consumers looking for a streamlined financial experience to bolster their credit strength and overall financial health with more personalized benefits. This includes consumers who are new to credit or just starting out as well as those looking to improve their credit profile. It can be a first step for young adults as a recent Experian survey shows that more than half (58%) of Gen Z say they don’t know how to start building credit.

Beyond the integration with Experian Boost, the account includes access to a worldwide network of over 55,000 surcharge-free ATMs⁵, bill pay and the ability to receive a paycheck up to two days early⁶ for those who enroll in direct deposit.

To open a digital checking account, consumers must enroll in a free or paid Experian membership and establish their account. As part of the membership, consumers receive a multitude of benefits, including access to their Experian credit report and FICO^® Score, an auto insurance comparison shopping service, credit card marketplace, dark web monitoring, credit education, credit monitoring and more. Visit experian.com/smartmoney to learn more about the Experian Smart Money Digital Checking Account and open an account through Experian.⁷

Continuing the quest for Financial Power for All™

This program is a continuation of Experian’s mission by expanding access to credit-building innovations that help consumers everywhere get access to fair and affordable credit. It follows the launch last year of Experian Go™, honored with a Fast Company 2023 World Changing Ideas Award, that allows “credit invisible” consumers with little or no credit history to directly establish an Experian credit file for the first time. Consumers can then populate their Experian credit reports with eligible bill payments via Experian Boost and possibly receive credit scores for the first time putting them on the credit map.

“With Experian Boost and Experian Go, we enabled millions of people who pay bills regularly to leverage their positive payment history to build their credit profiles. Now, we’ve made it more seamless to have those positive payments reflected with the Experian Smart Money™ Digital Checking Account so more consumers can reach their fullest financial potential,” said Jeff Softley, Group President of Experian Consumer Services at Experian. “We have been revolutionizing the way credit and everyday finances mingle, and this offering is a natural next step in how we are using our technology to provide consumers greater credit-building power and financial control.”

To learn more about The Experian Smart Money Digital Checking Account, visit experian.com/smartmoney.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.

We have 22,000 people operating across 32 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners.

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¹ The Experian Smart Money Debit Card™ is issued by Community Federal Savings Bank (CFSB), pursuant to a license from Mastercard International. Banking services provided by CFSB, Member FDIC. Experian is a Program Manager, not a bank.

² Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost®. Learn more.

³ Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO^® Score than FICO^® Score 8, or another type of credit score altogether. Learn more.

⁴ Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO^® Score than FICO^® Score 8, or another type of credit score altogether. Learn more.

⁵ Access to over 55,000 surcharge-free ATMs with the Allpoint ATM network. You may be charged a fee for attempting a cash withdrawal with an out-of-network ATM or point-of-sale device by Experian and/or the operator including for a balance inquiry even if you do not complete a cash withdrawal. Learn more.

⁶ Early access to your direct deposit depends on the timing of receipt of the incoming direct deposit file. We generally make direct deposits available up to 2 days earlier than the payment date specified in the direct deposit file. Early availability of direct deposits is not guaranteed and may vary from deposit to deposit. Daily and monthly deposit limits apply. See Cardholder Agreement.

⁷ Only available in the fifty U.S. states and the District of Columbia

View source version on businesswire.com: https://www.businesswire.com/news/home/20231002679878/en/