Mobile-first personal finance platform MoneyLion is offering consumers free credit monitoring tools through a partnership with credit bureau TransUnion. According to MoneyLion, borrowers who employ credit monitoring tools are 20 percent less likely to default.
MoneyLion cofounder and CEO Diwakar Choubey explains the significance of the move.
“MoneyLion’s free credit monitoring tools powered by TransUnion are critical to our mission to help consumers take control of their financial lives. By offering a 360-degree view of their finances, we’re providing real-time insight to help drive better financial behavior.”
The new tools allow users to view their individual credit report, simulate the credit score impact of different decisions, and set up real-time alerts which inform them of critical changes to their credit report. They join existing MoneyLion tools which track spending and saving, provide unusual spending alerts, and provide access to a financial network of product review, personal recommendations, advice and support. The tools are accessible once users download the free app.
MoneyLion is one of the growing number of services providing incentives for healthy financial behaviors. Users can earn gift cards and APR reductions when the display positive financial behaviors.
Advances in technology allow MoneyLion to provide these services, Mr. Choubey adds.
“MoneyLion is harnessing the power of sophisticated data analytics and machine learning technology to gain sharper insights into the financial habits of our users. This in turn enables us to make tailored offers and recommendations that will lead to better financial health over time.
“As technology continues to change the way consumers go about their daily lives, we are meeting the need for convenient and holistic personal financial management tools to match this increasingly digital lifestyle.”