Experian has launched a new smart money digital checking account & debit card. When a customer uses the new card to pay for bills that are eligible for Experian boost, it will capture the payments and add them to the consumers’ Experian credit file to potentially increase consumers’ credit scores. Eligible bills include utilities, residential rent and telecom.

Consumers will hope to use Experian’s FICO score-boosting feature and improve their credit profile. Additionally, they will look to benefit from a suite of financial tools all in one place.

More than 14 million consumers have already connected to Experian boost. This is via their existing checking account or credit card. There is an average FICO score 8 increase of 13 points, among those that saw an increase, since its launch in 2019.

Consumers can pay their bills from the smart money digital checking account and have the Experian boost’s convenience 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 personalised 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 survey shows that more than half (58%) of Gen Z say they don’t know how to start building credit.

Benefits of the account

Aside from the boost benefits, the account includes access to a worldwide network of over 55,000 surcharge-free ATMs. Customers can also receive a paycheck up to two days early, 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 credit report and FICO Score, an auto insurance comparison shopping service, credit card marketplace, dark web monitoring, credit education, credit monitoring and more.

Jeff Softley, Group President of Experian Consumer Services at Experian, said: “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.”