Green Dot’s new flagship digital bank will offer access to Experian BoostTM1 to increase consumers’ FICO® Score2 immediately, plus features to protect against identity theft
Green Dot Corporation (NYSE: GDOT) today announced it is partnering with Experian to introduce new credit features to help customers safely access and improve their credit and protect their identity on GO2bank, Green Dot’s new flagship digital bank launched earlier this year.
“Every American, regardless of credit history or experience, deserves quick and easy access to their credit score, as well as tools and opportunities to improve it and save money,” said Dan Henry, CEO of Green Dot. “Poor credit is expensive, particularly for the two in three Americans living paycheck-to-paycheck, and we’re proud to partner with Experian to offer tools that help our customers save, stretch their money a bit further, and build a stronger financial foundation for the future.”
One in five American adults are living with no credit score or are credit invisible, the majority of whom are actively looking to improve their credit. Through this new partnership, GO2bank will offer customers free access to Experian Boost to increase their FICO® Score by paying utility and phone bills, plus Experian CreditLock to help protect against identity theft.
“Collaborating with one of the fastest growing digital banks is another way Experian is working on behalf of consumers to give them more control of their credit profile and credit scores,” said Jeff Softley, President, Direct to Consumer, Experian Consumer Services. “Millions of GO2bank customers will now have access to more financial tools and the one-and-only Experian Boost, which gives them an advantage; they can leverage all of these resources in one place, and potentially open more credit doors instantly.”
GO2bank’s expanded credit suite is offered free of charge and is designed to offer features for the customer who is struggling to get fairly priced products to improve their credit scores. Experian Boost, a feature offered for free through Experian, uses positive payment history for utility and phone bills as well as video streaming services to help consumers increase their FICO® Score, ultimately allowing them to gain access to credit with better terms. In the two years since its launch, the tool has helped nearly eight million consumers collectively increase their FICO Score by more than 50 million points. Of those users starting with a FICO Score of 680 or below, 70 percent increased their FICO® Score.
The new credit tools, offered through GO2bank, will offer seamless access to industry-leading credit tools and features, including:
- Clear credit picture: Customers can access their FICO® Score through their Experian membership free of charge, along with Experian credit monitoring and alerts.
- Improve credit instantly: Customers can increase their FICO® Score through Experian Boost by getting credit for paying bills like video streaming services, phones, and utilities.
- Safety and protection: GO2bank helps customers protect against identity theft by offering the ability to lock and unlock their Experian credit file, in addition to the peace of mind that comes with banking through its chartered, FDIC-insured bank.
- Access to credit: GO2bank’s Secured Credit Card is already available with no credit check or annual fee, so customers can establish and build credit, regardless of credit history.3
- Single ecosystem for credit health: Additional features focused on graduating customers to new credit offerings and ways to save to be added throughout 2021 and beyond.
GO2bank is Green Dot’s new flagship digital bank designed to offer meaningful value where people need it most and help improve financial health over time, all in one easy-to-use mobile app. GO2bank helps customers build confidence and control in the way they manage their money with up to $200 overdraft protection4, high-value rewards, high-interest savings, and opportunities to establish, build, and track credit, regardless of credit history. GO2bank also features low or no monthly fees5, easy access to more than 90,000 retail locations nationwide to deposit money quickly and conveniently6, and the ability to get paid up to two days early (or up to four days early for government benefits)7.
To download the app, visit the Apple App Store or the Google Android App Store, or for more information visit: www.GO2bank.com.
About Green Dot
Green Dot Corporation (NYSE: GDOT) is a financial technology and registered bank holding company committed to transforming the way people and businesses manage and move money, and making financial wellbeing and empowerment more accessible for all. Green Dot’s proprietary technology enables faster, more efficient electronic payments and money management, powering intuitive and seamless ways for people to spend, send, control and save their money. Through its retail and direct bank, Green Dot offers a broad set of financial products to consumers and businesses including debit, prepaid, checking, credit and payroll cards, as well as robust money processing services, tax refunds, cash deposits and disbursements. The company’s Banking as a Service (“BaaS”) platform enables a growing list of America’s most prominent consumer and technology companies to design and deploy their own customized banking and money movement solutions for customers and partners in the US and internationally. Founded in 1999 and headquartered in Pasadena, CA, Green Dot has served more than 33 million customers directly, and now operates primarily as a “branchless bank” with more than 90,000 retail distribution locations nationwide. Green Dot Bank is a subsidiary of Green Dot Corporation and member of the FDIC8. For more information about Green Dot’s products and services, please visit www.greendot.com.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,800 people operating across 44 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
1 Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.
2 Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn More
3 Available only to existing GO2bank accountholders with direct deposits totaling at least $100 in the past 30 days. Eligibility criteria applies. Other fees apply.
4 A $15 fee may apply to each eligible purchase transaction that brings your account negative. Opt in required. Balance must be brought to at least $0 within 24 hours of authorization of the first transaction that overdraws your account to avoid the fee. We require immediate payment of each overdraft and overdraft fee. Overdrafts are paid at our discretion and we do not guarantee that we will authorize and pay any transaction. Learn more about Overdraft Protection (PDF).
5 Monthly fee waived whenever you receive a payroll or government benefits direct deposit in the previous monthly statement cycle. Otherwise $5 per month.
6 Retail service fee and limits apply. See Deposit Account Agreement (PDF) for details.
7 Direct deposit early availability depends on timing of payor’s payment instructions and fraud prevention restrictions may apply. As such, the availability or timing of early direct deposit may vary from pay period to pay period. The name and Social Security number on file with your employer or benefits provider must match your GO2bank account exactly or we will decline your deposit.
8 Green Dot Bank also operates under the following registered trade names: GO2Bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.
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