Here at OpenMoney, we are consistently looking for new ways to improve and offer you a well-rounded service, so that you’re armed with the right tools to manage your money effectively. As ever, we’ve been working behind the scenes and we’re excited to announce that we have partnered with Equifax, the credit reference agency!
What does this mean for you?
From Spring 2021, you will be able to access a free Equifax credit report featuring a comprehensive credit score and fraud protection service, through our OpenMoney app. This will add to the functions already present in our app to show your overall financial picture. With everything in one place, managing your money and improving your circumstances couldn’t be easier. If you’re confused about credit reports or scores, you can read our guide to understanding credit reports here.
Why is this so important?
Our Advice Gap Reports (2019 and 2020) revealed that nearly a quarter of adults (21 per cent) think about their financial situation every day*, and over two in five (41 per cent) people said they would benefit from free access to money advice to help with managing money and making financial decisions. We see this partnership as the next step for us in closing this advice gap and helping more people to manage their finances more effectively in one place.
Our Co-Founder, Anthony Morrow said:
“This partnership will further enhance our ability to provide pro-active financial recommendations to our customers on a truly personalised level. It also takes us one-step further to being a one-stop shop for peoples finances wherever they are whether looking to get control of their money, buy a house or make adequate savings for their future.”
“Our plans for 2021 will see us reach even more people, helping them make the most of their money and, most importantly with the uncertainty we live in, avoid making the poor decisions that can take years to rectify. Equifax, with their scale and experience in the credit and data space, are the perfect partner to help us achieve this.”
Mark Bratley, Sales Director at Equifax said: “This joint venture with OpenMoney is a great opportunity for the Equifax service to reach a wider community and help individuals better understand their own credit information, and how it can influence their ability to get credit. At Equifax we are keen to help all UK consumers live their financial best and be credit ready when they need it.”
The OpenMoney and Equifax partnership is the first of its kind in the UK, with no other personal finance tool on the market able to offer a free credit report and score facility combined with a full range of advice services including investments.
How will it work?
The OpenMoney app will combine Equifax credit data with data provided through Open Banking, enabling you to see a complete picture of their finances including any bank, savings and investment accounts. Advice around saving money on bills, building up rainy-day funds, repaying debt and buying a house along with long-term investments will then be recommended where appropriate for the customer.