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On average, 49% of Aqua Coach users increase their credit score within the first six months
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Powered by TransUnion, Aqua Coach gives customers a real-time view of their credit scores and the tools and insights to improve it
2 October 2023 – Aqua card, the smart way to build better credit, today announced that its credit building feature, has reached 500,000 users. The feature provides customers with tools and insights to help them better understand their credit score and factors that impact it. Aqua Coach’s credit score information is powered by TransUnion one of the UK’s leading credit reference agencies. On average, 49% of Aqua customers who had also signed-up to Aqua Coach saw an improvement in their credit scores within the first six months. Of those, 16% of users improved their scores to the ‘good’ or ‘excellent’ range.
As a credit builder card, Aqua has helped millions of people to improve their credit reports or rebuild their scores after a bump in the road. The Aqua Coach feature acts as a guide, giving customers a real-time view of their TransUnion credit score through the Aqua app. Other features include the Score Simulator which lets customers see how actions such as adding a new credit card, missing a payment or taking out a mortgage could impact their TransUnion credit score. In addition, customers are given full access to their TransUnion credit report for free, allowing them to examine their files to check for possible fraudulent transactions, and identify any errors that may be unfairly impacting their score.
Sharvan Selvam, Commercial Director, said: “Credit scores play an important role in helping people achieve their life goals. As a credit builder, the Aqua app has been designed to give people the tools and insights they need to build their scores, and easily understand the behaviours needed to improve it. The fact that over half a million customers have signed up to Aqua Coach, and nearly half of those use it at least once a month is testament to the value it gives customers.”
James Robinson, managing director of consumer interactive at TransUnion in the UK, said: “We know that over half (54%) of UK consumers are monitoring their credit report and score at least quarterly, and our partnership with Aqua Coach is helping to spread the message about the importance of understanding credit information and how it’s used. We’re delighted to see the success of Aqua Coach as it empowers Aqua customers to take control of their financial wellbeing and helps them improve their financial standing.”
One customer who was able to use Aqua to build his credit history is Mark. Having emigrated from Australia to the UK, Mark found that he would have to build his credit history from scratch. Despite having a full-time job, Mark was denied access to credit.
“I was rejected by two banks for credit cards when I first moved over here which left me feeling frustrated. When I managed to get a credit card with Aqua, I was really relieved. I was using the app regularly which made it really easy for me to manage my budget. Having the card and app has educated me in how I can build my score, what things I can do and what things I need to do to make that score better.”
Customers also have use of a repayment calculator that helps customers understand how long it will take them to pay back their balance based on different payment amounts, and the estimated savings on interest made as a result. Not only does this help customers see the benefits of paying more when they can, but also encourages customers to better manage their credit utilisation which is an important factor in calculating credit scores.
ENDS
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The information in this release is intended for journalists and media professionals only. The information should not be construed as a financial promotion under the Financial Conduct Authority's (FCA) Handbook of rules and Guidance.
About NewDay – provider of Aqua
NewDay is a leading provider of consumer credit in the UK, helping c5 million customers move forward through responsible access to credit. It offers technology-enabled, highly flexible and innovative products directly to consumers and via its merchant relationships.
NewDay operates multiple direct-to-consumer products through well-known brands such as Aqua, Fluid, Marbles and Bip - the UK’s first digital only credit “card”. In its Merchant Offering business, NewDay provides co-branded credit cards, and offers Newpay, a flexible digital finance product incorporating instalment finance for both large retailers and SMEs.
Powered by machine learning, NewDay’s leading proprietary credit models enable it to be one of the most inclusive lenders in the UK. NewDay’s deep underwriting capability and 20 years of experience allow it to responsibly say “yes” to more UK customers, making NewDay a merchant partner of choice for leading brands such as AO.com, Argos and John Lewis.
NewDay is authorised and regulated by the Financial Conduct Authority.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.® A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.
In the UK, TransUnion is a leading credit reference agency (CRA) and we offer specialist services in fraud, identity and risk management, automated decisioning and demographics. We support organisations across a wide variety of sectors including finance, retail, telecommunications, utilities, gaming, government and insurance.
TransUnion’s Consumer Pulse Q2 2023, based on the survey of 1,000 adults in the UK, conducted 4–9 May, 2023