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Experian Smart Money Review
You can access the Experian Smart Money Digital Checking Account online or via Experian's mobile app. The account connects to Experian Boost to help you get credit for some of the bills you already pay, including:
- Mobile and landline phone bills
- Utility bills (gas, water, electric, solar)
- Online residential rent payments
- Internet, cable, and satellite providers
- Video streaming subscriptions
- Trash collection services
Normally, your payment history for these bills wouldn't factor into your credit score. This makes Experian Smart Money a great tool for improving your credit.
There is a
About Experian Smart Money
Experian is one of the three major credit bureaus in the U.S. The company recently unveiled a new checking and debit card account called Experian Smart Money to help you boost your credit score.
The account comes with a free feature called Experian Boost, which gives you credit for paying bills that don't usually impact your credit score. According to Experian, users whose scores increase with Boost see an average FICO score bump of 13 points.
You may receive a
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Experian Smart Money is designed for people actively seeking ways to improve their credit scores and those just starting their financial journey. It doesn't look into your banking history through ChexSystems like most banks do, so poor banking history shouldn't stop the company from letting you open an account. A poor credit profile also isn't a factor in eligibility for an Experian account.
Is Experian Smart Money Trustworthy?
In general, Experian is recognized worldwide as a safe and trustworthy credit reporting agency. Still, Experian has a C+ rating with the Better Business Bureau (BBB) due to the number of complaints customers have filed against the business, the length of time Experian takes responding to the complaints, and government actions against the company.
In November 2022, 40 U.S. states entered into two settlements with Experian over data breaches in 2012 and 2015. Experian paid money in the settlements, agreed to improve its data security, and promised five years of free credit monitoring to customers who were impacted by the breaches.
According to the Identity Theft Resource Center, Experian hasn't had any data breaches within the last five years. The Consumer Financial Protection Bureau has received only a handful of complaints about Experian Smart Money. However, it has received thousands regarding Experian, most of which involve incorrect information on credit reports.
Experian Smart Money Review: Pros and Cons
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Experian Smart Money FAQs
What is Experian Smart Money?
Experian Smart Money is a digital checking account and debit card that aims to help you build your credit score. The account offers access to 55,000+ fee-free ATMs worldwide, early direct deposit, free credit monitoring, online bill pay, and money transfers.
How does Experian Smart Money work?
Experian Smart Money links to Experian Boost, which scans your transactions and gives you credit for making on-time everyday bill payments. Payment history is the most important factor in determining your credit score, so Experian Boost can help you improve your score, whether you're new to establishing credit or trying to rebuild.
Does Experian really boost your credit?
Experian Boost includes your payment history of certain household bills in your Experian credit profile. You choose which bills to share, and up to two years of payment history is added to your Experian credit report. If you have a history of on-time payments, it can help boost your credit.
Is Experian Smart Money legit?
Yes, Experian Smart Money is a legitimate checking account and debit card. Funds are held at Community Federal Savings Bank, a Member FDIC bank, so your deposits are insured for up to $250,000.
How do I deposit money into my Experian Smart Money account?
You can deposit money by setting up direct deposit, transferring money from another bank account, or depositing cash at a retail store in the Mastercard rePower Load Network.
Experian Smart Money Comparison
Experian Smart Money vs. Credit Karma Money
The
Both accounts help you build credit, but in different ways. Experian Smart Money gives you credit for making everyday bill payments. With
Experian Smart Money may be a better choice if you want credit for the bills you already pay, while Credit Karma makes sense if you can benefit from the line of credit.
Experian Smart Money vs. Chime
Experian Smart Money and Chime have similar features, including no monthly or overdraft fees, no account minimums, early direct deposit, and highly rated mobile apps.
Chime offers two opportunities for building your credit. The first is through the
Why You Should Trust Us: How We Reviewed Experian Smart Money
We rate bank accounts on a scale from zero to five stars, with five being the best. We used Insider's rating methodology for checking, savings, and money market accounts for our Experian Smart Money review. We generally look at customer support, mobile app ratings, and the company's ethics, including recent public scandals and BBB ratings. We also consider minimum deposits, monthly service fees, overdraft fees, and ATM fees.