Aqua Card’s Credit Building Feature Aqua Coach, Powered by TransUnion, Reaches Half a Million User Milestone
Credit provider Aqua card has announced that its credit building feature, Aqua Coach – powered by TransUnion, one of the UK’s leading credit reference agencies – has gained 500,000 users.
The feature provides customers with tools and insights to help them better understand their credit score and factors that impact it. On average, 49% of Aqua Coach users improve their credit scores within the first six months. Of those, 16% of users increased their scores to the ‘good’ or ‘excellent’ range.
As a credit builder card, Aqua has helped millions of people to improve their credit reports or rebuild their scores after a bump in the road. The Aqua Coach feature acts as a guide, giving customers a real-time view of their TransUnion credit score through the Aqua app. Other features include the Score Simulator which lets customers see how actions such as adding a new credit card, missing a payment or taking out a mortgage could impact their TransUnion credit score.
In addition, customers are given full access to their TransUnion credit report for free, allowing them to examine their files to check for possible fraudulent transactions, and identify any errors that may be unfairly impacting their score.
James Robinson, managing director of consumer interactive at TransUnion in the UK, said: “We know that over half (54%) of UK consumers are now monitoring their credit report and score at least quarterly,i and our partnership with Aqua Coach is helping to spread the message about the importance of understanding credit information and how it’s used. We’re delighted to see the success of Aqua Coach as it empowers Aqua customers to take control of their financial wellbeing and helps them improve their financial standing.”
Sharvan Selvan, commercial director of Aqua Coach, said: “Credit scores play an important role in helping people achieve their life goals. As a credit builder, the Aqua app has been designed to give people the tools and insights they need to build their scores, and easily understand the behaviours needed to improve it. The fact that over half a million customers have signed up to Aqua Coach, and nearly half of those use it at least once a month is testament to the value it gives customers.”
Customers also have use of a repayment calculator that helps them understand how long it will take them to pay back their balance, based on different payment amounts, and the savings on interest made as a result. Not only does this help customers see the benefits of paying more when they can, but also encourages customers to better manage their credit utilisation which is an important factor in calculating credit scores.
i TransUnion’s Consumer Pulse Q2 2023, based on the survey of 1,000 adults in the UK, conducted 4–9 May, 2023