OpenMoney to provide free Equifax credit reports
OpenMoney customers will be able to access their Equifax credit report via the OpenMoney app from April 2021.
The partnership is designed to help those wanting to reach their financial goals, with the credit score functionality helping them understand their overall financial health.
The OpenMoney app will combine Equifax credit data with data provided through Open Banking, enabling customers to see a complete picture of their finances including any bank, savings and investment accounts.
Advice regarding 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.
According to OpenMoney’s annual Advice Gap report 2020, nearly a quarter (21%) of adults think about their financial situation every day. More than two in five (41%) people said they would benefit from free access to money advice to help with managing money and making financial decisions.
OpenMoney said the tie-up with Equifax will help close this advice gap and help more people to manage their finances more effectively in one place.
Anthony Morrow, OpenMoney co-founder, said: “This partnership will further enhance our ability to provide proactive 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.”