Information services company Experian partners with the UK financial services provider Santander on an exclusive credit card offer for Experian Boost members.
The two companies have come together to create a new voucher reward credit card offer for customers of the Experian Boost service. The reward offer is one of the highest currently available on the market.
Experian customers that have raised their credit score through Experian Boost, will receive a £40 Amazon voucher when taking out a Santander credit card through the Experian marketplace. The offer will remain in place until 28 March 2022
“We are thrilled to partner with Santander on this exclusive offer for customers who have boosted their credit score,” said Sebastian Worbs, MD products at Experian consumer services.
“We launched Experian Boost to help people improve their creditworthiness and access the right financial products for them.
“Working with partners like Santander allows us to offer more choice to people at the moment they need it, in a way they can afford.”
Experian Boost is an exclusive free service that helps consumers to improve their credit score by contributing regular transactional information, such as council tax and subscription payments, to their credit information.
Experian customers can connect their bank account to their Experian account with the help of open banking. Their accounts are then scanned for an up-to-date view of how they manage their money before the level of score boost is calculated.
Users can increase their credit scores by up to 101 points, which could mean a customer moves up two score bands.
Lenders are using these additional data points to make more risk-based decisions. With the rising cost of living and consumers’ finances being stretched, the value of additional data points means lenders could make more informed lending decisions and offer credit to a wider range of people.
Almost 1.2 million people in the UK are already using Experian Boost, with 63 per cent receiving an instant increase to their Experian Credit Score.
Anthony Redpath, product proposition manager at Santander, added: “We’re excited to partner with Experian and support this innovative initiative.
“We recognise the potential of additional insights from Experian Boost, which can give us an even more rounded view of an applicant’s affordability, helping more people access credit responsibly.”