MONEYME’s new Credit Score product is available through the MONEYME app, allowing Aussies to keep track of their evolving credit score.

A customer survey performed by digital lender MONEYME (ASX:MME) last year revealed that many Australians are still in the dark when it comes to their credit scores.

Only a third of the 1,596 respondents knew their credit score before being encouraged to check it, while 61% were surprised once they received their score.

Yet almost all (97.7%) said they thought it was important for Australians to know their credit score.

Recent data indeed shows that consumers’ awareness of their credit scores is increasing. According to global credit bureau Experian, there was a 45% increase in consumers checking their Experian credit reports in the 12 months ending 31 August.

MONEYME is riding on this trend and has officially launched a free Credit Score product following a successful beta trial.

The company says the product has already seen over 37,000 customers swarming to discover their score during the beta trial, despite zero marketing of the product so far.

While most credit score products out there are web-based, MONEYME’s Credit Score is app-based, allowing consumers to check their score from the palm of their hand.

It leverages credit file data from Experian, and was built on MONEYME’s proprietary technology platform, Horizon.

The service allows users to check their credit score, view what’s on their credit file, track how their score is changing over time, and understand their likelihood to be approved for credit products.

MONEYME has launched a new service giving Aussie consumers free, instant access to their credit score. Pic: Supplied.

“We are pleased to now offer a free credit score service to help Australians get a better understanding of what impacts their credit score, and ultimately their ability to access credit in the future,” said Clayton Howes, CEO of MONEYME.

MONEYME keeps expanding product range

MONEYME has positioned itself to be a major player not only in the fast-growing Australian fintech lending industry but the overall lending sector, as traditional lenders scramble to catch up its technology capabilities.

The acquisition of SocietyOne in March last year has boosted MONEYME’s loan book and put the company in a leading position as smaller players race to build scale.

MONEYME has since turbo-charged the SocietyOne customer experience with MONEYME’s proprietary technology platform, reducing time-to-settlement on loan applications from an average of 1-2 days down to an hour.

The new credit scoring product, which leveraged user insights from SocietyOne’s Credit Score product, adds another financial wellness tool to MONEYME’s vast offering.

The company has previously highlighted the business value in a free financial wellness offering, emphasising how it can drive customer engagement and retention, as well as providing opportunities for cross-sell.

MONEYME says the new Credit Score product was designed to increase customers’ awareness of their financial health, create more meaningful engagements with existing customers, and attract new customers early in their financial journey.

With an easy-to-use interface and a number of engaging features, the company hopes the product will encourage more Australians to learn how their financial habits impact their ability to access credit in the future.

MONEYME CEO Clayton Howes wants to put the power of knowledge into the hands of Australian consumers who are looking for loans. Pic: Supplied.

“The majority of our credit score users to date fall in an age group that is only now building up their credit profile, or who might be considering taking out a loan on a car, or even entering the property market for the first time,” said Howes.

“We want this group to be in the best possible financial position when they apply for these loans”.

Incredibly positive feedback

Customer feedback on the Credit Score product has so far been incredibly positive.

A survey by the company revealed that 94% of its customers found it helpful to know their credit score and understand how to improve it, while 40% found it “extremely” helpful.

The vast majority (93%) said they checked their score at least every few months.

The reasons for doing that vary – they wanted to apply for a loan (31%), were worried about their debt (24%), or wanted to know how they compared to others (17%).

Amongst the many features available on MONEYME’s credit score product include the ability to get insights such as repayment history, how the credit score has moved over time, and how likely the customer will be approved for MONEYME’s credit products.

The app also provides valuable information such as any negative events that are listed on your credit file, and tips on how to improve your score.

This article was developed in collaboration with MONEYME, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.