Experian is tapping Open Banking to help Brits instantly improve their credit scores by using their council tax and Netflix and Spotify subscription payments.
The free service, Experian Boost, lets people add a range of popular, regular payments - at launch council tax, streaming services and savings and investments - not traditionally factored into credit scores. Users can also add general information, such as total incomings and outgoings. Experian claims that early analysis suggests 51% of people using the service will receive an instant increase to their credit score, benefitting millions of Brits. Among this group, more than one in 10 will move up an entire score band. Clive Lawson, MD, consumer services, Experian, says: "Experian wants people to get credit where credit is due. We are always pushing the boundaries of innovation for two key reasons - to give consumers more control over their financial lives, and to ensure lenders have the information they need to make informed, responsible decisions."