GO2bank Unveils Experian Credit Care Advantage

Green Dot’s digital banking affiliate, GO2bank, is adding to its credit-building toolbox with Experian Credit Care Advantage, which will help customers access and improve their credit while protecting themselves against fraud.

One in five American adults are “credit invisible,” meaning they have no credit score, which limits their opportunity to access credit opportunities, Green Dot said in a Monday (Jan. 31) announcement.

“At Experian, we aim to empower consumers with more control over their credit and financial health,” Experian President, Direct to Consumer Jeff Softley said in the announcement.

“Thanks to this partnership, millions of GO2bank customers have access to valuable credit tools to kickstart their 2022 financial goals, including the first-of-its-kind Experian Boost feature, which can potentially increase their credit score instantly,” he said.

Per the announcement, Experian Credit Care Advantage includes instant FICO score improvement via free access to Experian Boost, which uses existing utility, phone and streaming service payments; free FICO Score access through Experian membership, and Experian credit monitoring and alerts; and identity protection using Experian CreditLock, which protects against identity theft by locking and unlocking the consumer’s Experian credit files. It also includes Dark Web surveillance through monitoring more than 600,000 web pages for a customer’s SSN, email or phone number.

“Everyone deserves the chance to build, improve and protect their credit, as this can significantly impact their financial picture and ability to save and build a stronger foundation for the future,” Green Dot President and CEO Dan Henry said in the announcement.

“Now with Experian Credit Care Advantage, we’re proud to introduce a new suite of powerful credit tools that can help Americans living paycheck to paycheck, underserved for years, quickly and easily improve their credit health,” he said.

Related: PPP Loan Fraud Shows the Lures and Risks of Quick Onboarding

In December, the U.S. Secret Service said criminals snagged more than $100 billion in pandemic relief through the Small Business Administration’s Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan program, among others. About $2.3 billion has been recovered and some 100 arrests have been made.

In total, the federal government doled out about $3.5 trillion through the U.S. economy as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act when the COVID-19 pandemic hit American soil in March 2020.

Among the notable recoveries was $400 million in loans fraudulently obtained from Green Dot and PayPal.