Experian launched a new feature that can identify opportunities for consumers to save on recurring bills and paid subscriptions.
The free savings scan feature is available to consumers who enroll in a free or paid Experian membership and connect their bank and credit card accounts, the global information services company said in a Monday (Jan. 29) press release.
“There are many ways to find cost savings, including assessing recurring bills and securing better terms and rates,” Rod Griffin, senior director of public education and advocacy at Experian, said in the release.
Within minutes of the consumer’s enrollment, the savings scan presents potential savings opportunities, according to the release.
In addition to the savings scan, Experian offers a range of other financial resources, including the Experian Boost feature, which includes an auto insurance shopping service, a credit card marketplace and credit education tools, the release said.
For consumers with eligible paid Premium memberships, Experian experts will negotiate lower costs with eligible providers and cancel unwanted subscriptions that are often overlooked by consumers, per the release.
The savings scan is designed to meet the needs of the 51% of consumers who said saving money is their top resolution in 2024 and the 42% who said they forgot how much they pay for a subscription they don’t use, according to the release.
“With the free savings scan, we have created a convenient way for consumers to understand where they can potentially lower their bills and keep tabs on paid subscriptions,” Griffin said in the release.
In another addition to the services Experian offers consumers, the company said in October that it launched the Experian Smart Money Digital Checking Account and Debit Card. This checking account allows consumers to pay eligible bills and have those payments added to their Experian credit file, potentially increasing their credit scores and improving their credit profile.
In July, Experian expanded its real-time income and employment verification offering, enabling consumers to provide permissioned access to their payroll accounts and share information directly from their employers’ payroll service. This offering saves consumers from having to provide paper documentation if a lender is unable to obtain this information in a digital and automated fashion.