DailyPay, a worktech company and leading provider of earned wage access (EWA), has launched “Credit Health,” a new addition to its award-winning worktech platform.
The new product speaks to the company’s mission to support its users' financial wellness journey, wherever that may be.
Credit Health is a free financial wellness tool integrated within the DailyPay app that allows DailyPay users to stay informed about their credit status, identify potential issues promptly, and make more informed decisions about their overall financial situation.
The need for credit monitoring has never been more relevant. Over 3 in 4 (77%) of American households have some form of debt, and according to the Federal Reserve Bank of New York, total personal debt in the US is at an all-time high of nearly $17.7 trillion. Research shows that more than 47 million Americans’ credit is considered subprime, which means their credit score is lower than what's needed to get the best possible interest rates. From being unable to buy a home to paying higher insurance premiums, a poor credit score has a number of pernicious effects on one’s financial life.
“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,” said Jack Rubin, SVP of Consumer Financial Solutions at DailyPay. “The first step in building credit is to have access to your score and what’s driving it up or down.”
DailyPay’s Credit Health product features key financial insights including credit bureau score and history, credit report, monitoring/alerts, and score factors.
Credit Health joins DailyPay’s worktech platform that features the company’s signature earned wage access solution, offered by many of the world’s leading employers as a financial wellness benefit. Research shows that employees who leverage DailyPay are better positioned to pay bills on time, avoid late fees, and avoid accumulating credit card debt. The data shows nearly 7 in 10 DailyPay users who previously paid late fees do this less often or stopped completely since they started using DailyPay. In addition, 62% of users who previously incurred credit card interest charges do this less often or stopped completely since they started using DailyPay.