MyCredit from Incuto, Powered by TransUnion, Offers New Financial Education Tool to Credit Union Members
Fintech for social good incuto today announces the launch of MyCredit, a new financial education tool enabling members of credit unions and community-based banks to help understand and influence their credit reports. Powered by TransUnion, MyCredit is now available online within incuto’s Member Area. Using the Credit Score Simulator, users have an opportunity to see how changes in their own behaviours and spending habits could impact their credit score.
Part of incuto’s wider strategy to enhance the experience community banks and lenders can offer their members, MyCredit supports individual financial responsibility and education, which is right at the heart of why credit unions, community banks and community development financial institutions (CDFIs) exist. The online tool offers a holistic credit view including score, report and monitoring.
MyCredit allows users to view their credit score and credit report, including any recent searches, with the ability to save the report as a PDF and raise disputes if any information is inaccurate. They will be able to see their credit history, including closed accounts and their electoral register status.
The Score Simulator takes current information from an individual’s credit report, then enables them to apply hypothetical scenarios, such as taking out a loan or a new credit card, to see how these behaviours can impact their score. Simulating these changes has the benefit of seeing the impact without affecting an individual’s actual credit score.
Commenting on the launch of MyCredit, incuto CEO Andrew Rabbitt says: “We’re delighted to team up with TransUnion and offer MyCredit to affordable credit providers using the incuto platform. This latest innovation we are offering our credit union and community bank partners not only enhances the customer experience they can provide and opens new opportunities for existing members, but also offers another route to market, particularly via payroll partners. MyCredit will be a fantastic tool for the community banking sector, giving members a chance to improve their credit score and subsequently the financial products available to them.”
MyCredit incorporates credit alerts, so that users can actively and regularly engage with changes to their credit scores and ensure that any accounts opened in their names are recognised. Similarly, the credit education section provides a wealth of information on what goes into creating a credit score, helping credit union members learn and develop healthy financial habits, and help protect themselves from identity theft.
According to a study by TransUnion, many consumers are still not aware of the power of their credit report, although the pandemic has driven an increase in engagement, with half now monitoring their credit score at least monthlyi, up from a third at the start of May 2020. Worryingly, a quarterii have never checked it.
Kelli Fielding, managing director of consumer interactive for TransUnion in the UK, says: “Working with incuto to provide MyCredit to credit union members aligns perfectly with our aim of empowering individuals to take control of their financial standing. By helping them to understand their credit score and the factors affecting it, consumers can take steps to improve their score if necessary and to better understand what their options are in terms of accessing finance. The score simulator tool enables the user to see how future choices may affect their creditworthiness, without impacting the existing credit score and that’s really valuable in the current climate as we navigate our way through the pandemic.”
Participating credit unions can gain access via incuto’s Member Area, empowering them with financial information and education, including guidance on improving their credit score over time.
i TransUnion’s Consumer Pulse research (formerly the Financial Hardship Study) commenced in March 2020. Based on data collected 5 - 9 March 2021 from 1,100 UK consumers on behalf of TransUnion
ii Based on a survey of 1,007 adults in the UK, conducted 4 – 5 May 2020 on behalf of TransUnion