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.

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Source: OpenMoney to provide free Equifax credit reports – Your Money