Users of open banking-powered tool BuildMyCreditScore have seen an average 52 increase in their credit scores in the first three months since taking out the credit builder debit card.

And one in ten people improved their score by over 100 points. For the 50% of cardholders who saw the highest uplift to their credit scores in the first three months, the average score increase was 76 points.

BuildMyCreditScore is a Mastercard debit card that allows people to build their credit score without changing their spending habits, taking out additional lines of credit or risk building debt.

According to PwC, there are currently 20 million financially underserved people across the UK with fair or poor credit scores.

Around a quarter (23%) of Brits have been denied credit due to their poor credit score. Meantime, over four in ten (43%) want an easier way to build their score that doesn’t involve taking out new lines of credit.

Q4 2023: BuildMyCreditScore backed by Innovate UK

BuildMyCreditScore says that there is demand for alternative solutions that do not risk building long-term debt.

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In Q4 2023, it secured a £200,000 grant from Innovate UK, the UK’s innovation agency. The funding will accelerate its offering to enhance financial inclusion and boost access to credit products.

The debit card works instantly like a regular bank card. The money is collected via Direct Debit by BuildMyCreditScore a number of days later. People are therefore able to build their credit score by demonstrating their ability to manage rolling outgoings and repay credit promptly.

James Lynn, CEO and Co-Founder of BuildMyCreditScore, said: “Millions of people across the country have a low score and thin credit file. This is leaving them with less fair, less affordable options when it comes to accessing credit. They need a simple solution which allows them to effectively build their credit score in a safe, low-risk way through their everyday spending.

“Traditional credit builder products typically rely on someone making prompt repayments on credit they’ve taken out. If they fail to do so for any reason, they risk falling into debt and harming their credit score further. BuildMyCreditScore disrupts this model by leveraging open banking to integrate seamlessly with a user’s usual spending habits to empower them to improve their scores without changing spending behaviour or taking out new lines of credit.”