BuildMyCreditScore Users Notice Remarkable Credit Score Improvements Within Months
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BuildMyCreditScore, a UK open banking-driven start-up, stated that users have witnessed an average 52-point rise in their credit score within the initial three months. The company was launched last year October. It issues a Mastercard debit card linked with a customer’s current account using open banking systems
The debit card functions like a typical bank card. The cash, with a daily limit of £30 per day, is withdrawn through Direct Debit by BuildMyCreditScore about two business days later. This allows it to be reported to credit reference organizations. Due to this, cardholders can improve their credit score by showing their ability to control recurring costs and settle debts promptly.
BuildMyCreditScore Offers A Simpler Way For People To Improve Their Credit Scores
The startup cited that one out of every 10 individuals enhanced their score by more than 100 points. For the 50% of cardholders who witnessed the largest rise in their credit score during the initial three months, the average score improvement was 76 points.
There were up to 20 million Economically underserved individuals throughout the UK with poor or fair credit scores according to PwC. About 25% of British citizens were refused credit as a result of their weak credit score.
Over 40% of individuals are seeking a simpler way to enhance their scores without opening new credit lines. Because of this, BuildMyCreditScore is concentrating more on a significant market.
According to a press release, 58% of individuals cited that they prefer to use a debit card instead of a credit card for daily expenses. This increases to two-thirds (66%) amongst 18–34-year-olds.
Conventional credit builder products generally depend on individuals making timely repayments on the credit they have borrowed. Failure to do this might result in the individual sinking into debt and damaging their credit score even more.
The Firm Wants To Offer A Secure, Low-Risk Method To Improve Credit Scores
The Chief Executive Officer of BuildMyCreditScore, James Lynn, mentioned that many individuals across the nation have a thin credit file and low credit scores. This results in them having less fair, less budget-friendly choices for accessing credit.
They require a straightforward solution that enables them to successfully improve their credit score in a secure, low-risk manner through their day-to-day spending.
BuildMyCreditScore disrupts this system by utilizing open banking to merge seamlessly with a customer’s normal spending patterns. This will allow them to boost their scores without having to change spending habits or obtain new credit lines.
BuildMyCreditScore is a financial organization that functions in the financial services industry. The corporation provides a debit card that functions along with users’ current bank accounts to boost the development of their credit scores via Daily expenditures.
