NEW YORK--(BUSINESS WIRE)--MoneyLion, the mobile-first personal finance platform, is helping consumers gain a clearer picture of their credit health with free credit monitoring tools provided by credit bureau, TransUnion®. Data collected by MoneyLion since Q1 2016 has shown that loan takers that use their credit monitoring tools are 28 percent less likely to default.
“MoneyLion’s free credit monitoring tools powered by TransUnion are critical to our mission to help consumers take control of their financial lives,” said Diwakar Choubey, co-founder and CEO of MoneyLion. “By offering users a 360-degree view of their finances, we’re providing real-time insight to help drive better financial behavior.”
MoneyLion’s credit monitoring tools allow users to:
- View their individual credit report
- Use a credit simulator to forecast the impact of financial decisions on their credit score
- Set up real-time alerts informing users of critical changes to their credit report
Users can access these tools by setting up a profile on the free MoneyLion app, where enrollment takes less than three minutes. In addition to credit monitoring, MoneyLion offers tools that track spending and saving, balance alerts for unusual spending patterns, and a financial network with product reviews and personalized recommendations, advice and support.
Users enrolled in credit monitoring also have access to additional benefits through MoneyLion’s extensive rewards program designed to incentivize positive financial behavior. Through this program, users earn rewards such as gift cards or reductions in APRs when they take actions to improve financial well-being, such as improving credit scores, making on-time payments, demonstrating low credit utilization or maintaining a positive checking account balance.
“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,” added Choubey. “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.”
MoneyLion is a leading mobile finance platform that empowers consumers to take control of their financial lives through free spending, saving and credit tracking tools, and smarter credit products. Founded in 2013 by a team of leading technologists and financiers, MoneyLion uses superior analytics and machine learning-based risk technology to gain a 360-degree view of its users’ personal finances, enabling better underwriting and the development of tailored financial product offers. With its built-in system of endorsements, points and rewards, MoneyLion endorses good financial behavior. MoneyLion is headquartered in New York with offices in San Francisco and Kuala Lumpur, Malaysia. For more information, visit www.moneylion.com or download the app here.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide. We call this Information for Good. http://www.transunion.com/business.