Users Of BuildMyCreditScore Witness Rapid Increases In Their Credit Scores

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BuildMyCreditScore, an Open banking-driven company located in the UK, reported that its users have experienced an average 52-point surge in their credit scores in the first three months.

Introduced in October last year, the company offers a Mastercard debit card linked to a customer’s current account through open banking systems.

The debit card operates like a standard bank card. The funds, up to a daily limit of £30 per day, are received through Direct Debit by BuildMyCreditScore approximately within two business days.

This enables it to be reported to credit reference institutions. Because of this, cardholders can create their credit score by displaying their ability to handle ongoing expenses and repay debts promptly.

The Firm Seeks To Serve A Sizable Market Of People Looking To Boost Their Credit Score

The startup stated that one out of every 10 people boosted their score by more than 100 points. Whereas, for the 50% of the cardholders who experienced the highest enhancement to their score scores in the initial three months, the average score rise was 76 points. PwC reported that there are up to 20 million financially challenged individuals across the UK with poor or fair credit scores.

About one-quarter of British citizens were denied credit because of their low credit scores. And more than 40% of individuals are searching for an easier way to enhance their scores without obtaining new credit lines. Due to this, BuildMyCreditScore is focusing more on a sizable market.

The Chief Executive Officer of BuildMyCreditScore, James Lynn cited that a lot of individuals across the country have a poor credit score. This leaves them with less balanced, less inexpensive options regarding accessing credit. They require easy solutions that enable them to boost their credit score in a secure, low-risk method through their daily spending.

Users Can Enhance Their Credit Scores Without Changing Spending Patterns

He added that Conventional credit builder products usually depend on someone making timely payments on credit they have obtained. By failing to do so for any given reason, they might fall into debt and further harm their credit score.

The company disrupts this system by using open banking to incorporate easily with a customer’s typical spending habits. This will enable them to enhance their scores without the need to change spending patterns or acquire new credit lines.

BuildMyCreditScore is a financial institution that operates in the credit sector. The firm provides a debit card that operates alongside users’ current bank accounts to assist in building their credit scores via daily spending. The corporation primarily focuses on individuals who want to boost their credit scores.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.