DailyPay Unveils Financial Wellness Tool for Credit Monitoring
/DailyPay has debuted “Credit Health,” a tool to help users monitor their financial wellness.
Announced Monday (Sept. 16), the offering is integrated into the earned wage access (EWA) company’s app, letting users stay on top of their credit status.
The company said the need for credit monitoring is more relevant than ever, with 77% of American households holding some form of debt, with personal debt at a record high of close to $17.7 trillion, per Federal Reserve Bank of New York data.
Much of this credit is seen as subprime, Daily Pay added, meaning millions of Americans are barred from home ownership and saddled with higher insurance premiums.
“Building credit is a central goal for our users because good credit unlocks fundamental financial opportunities across apartment leases, car loans, borrowing costs, and more,” Jack Rubin, senior vice president of consumer financial solutions at DailyPay, said in a news release. “The first step in building credit is to have access to your score and what’s driving it up or down.”