Experian Lets UK Consumers Check Credit Score Within ChatGPT for First Time

Experian lets Brits check credit score within ChatGPT

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Earlier this year, Experian launched a postcode-based credit score comparison tool for UK users within ChatGPT. Now the firm - which powers the majority of lending decisions in the UK, including eight in 10 credit card applications - has upgraded the offering so that people can see their personalised 1250 Experian credit score. Users can also get a clear breakdown of the information used to calculate a score, and track their score history and score band. In addition, users can also compare current account offers from within ChatGPT. Experian stresses that the security and privacy are built in, with scores displayed only within its logged-in experience. The information is also not exposed to, or used by, the AI model when generating responses. The new feature comes as Experian research shows that nearly two-thirds of regular ChatGPT users saying they turn to AI tools for support in helping them reach their financial goals. Some 91% of regular ChatGPT users say they would find an Experian ChatGPT app helpful, and 86% say they would trust it, with data privacy the single biggest factor in that. Edu Castro, MD, Experian Consumer Services, UK&I, says: "Today we're giving people secure access to their own personalised score, with a clear explanation of what's behind it, inside the AI platform millions already use every day."

Experian Lets UK Consumers Check Credit Through ChatGPT | PYMNTS.com

This is due to a new upgrade to the ChatGPT Experian app, marking the first time consumers in the U.K. can access their Experian credit score within an artificial intelligence (AI) platform, the company announced Thursday (Aug. 20). "As people increasingly seek money advice on a range of different channels, it's important the information they get is accurate and genuine," Edu Castro, managing director of Experian consumer services for the U.K. and Ireland, said in a news release. "This is fundamental to our strategy of meeting people wherever they choose to engage with us and helping make credit understanding truly accessible, especially for younger consumers who are growing up with AI as their first port of call for financial questions." The release notes that while consumers are becoming more comfortable using AI to access money management tools, AI platforms often provide only "generic, general answers" based on publicly-available information that could be inaccurate. Experian says its upgraded app solves that issue by bringing people's 1250 Experian Credit Score to ChatGPT and giving them more insight into their score history. "Experian powers the majority of lending decisions in the U.K., including 8 in 10 credit card applications, making the Experian Credit Score one of the most important indicators consumers can access when understanding their financial position," the company added. This is the latest in a series of AI-related integrations for Experian. The company in June said it was launching a trusted agentic AI layer within the Experian Ascend Platform that is aimed at helping financial services organizations scale agentic AI. Days later, Experian began offering consumers the ability to explore personal loan offers from its lending partners while interacting with ChatGPT. These new offerings are happening as consumers grow more accustomed to using AI, as recent PYMNTS Intelligence research shows. According to "From First Prompt to Daily Habit: The Data Behind Rising Gen AI Reliance," the July edition of the Consumer AI Benchmark Report, stronger results and time savings are convincing people to use the technology more often, while growing user skills have helped turn "occasional AI experiments" into routine habits. "Among consumers who already use gen AI, between 58% and 69% said they use it more often now than when they first started, depending on the task, according to the report. The pattern suggested a reinforcing cycle," PYMNTS wrote earlier this week. "Better tools produce better results, users learn how to give those tools better instructions, and the combination makes AI useful for a wider range of activities."