Challenger bank Monzo has announced plans to allow customers to access their credit score for free via its app.
In a blog post on Monzo’s site, it said “You’ll be able to see your score in just a few taps – no need to fill out any long forms. We’ll explain what your score could mean, in plain English, and we’ll give you some tips on what you could do to improve or maintain it.”
Monzo said that, while it reports data to Experian and TransUnion, the score customers will see within the app will be from TransUnion.
It added it is hoping to use the availability of the score to educate customers on credit. It said in its blog: "Some of you have told us that you don’t know what credit scores mean, why they’re relevant or what they could actually affect – so we’re really excited to start showing your score and what it could mean for you.
“Knowing your score might not feel important now. But understanding what goes into your score, and how to maintain or improve it over time, will improve your chances of borrowing in the future.”
Starting in March, it will be slowly introducing credit scores to its app.