What is Credit Health?

DailyPay offers Credit Health, a free credit monitoring service for employees enrolled in DailyPay. Credit Health is offered as a financial wellness tool to empower employees to stay informed about their creditworthiness and detect any suspicious activity early on.

What is Credit Health?

Credit Health is a free tool from DailyPay that helps employees stay on top of their credit score, protect them from fraud, and improve their credit for the future. 

Why should Employees Monitor their Credit?

For less stress, and more peace of mind. They can stay on top of their credit score with Credit Health, a free tool that helps track, monitor, and understand credit to prepare for the future.

Maintain good credit health by keeping on top of credit history. It can help identify opportunities to improve financial health, such as paying bills on time or reducing credit card balances.

To prepare for major financial decisions with Credit Health. Having a clear understanding of their credit score can help negotiate better terms and interest rates with loans.

They can detect identity theft early! Regular credit monitoring helps identify any unauthorized changes or activities on their credit report. If there is any suspicious activity, we recommend filing a dispute with all three credit bureaus.  

What are the Benefits and Supporting Features?

Employees can instantly access their credit score within the app, so they can see what landlords and lenders may see when they check their credit.

• With the Credit Report feature, they can access their full credit report monthly for free!
• With the Score Tracker feature, they can track their credit score over time to see their progress.
• With the Monitoring & Alerts feature, they can get alerts when changes are made to their credit file so they can report fraud.
• With the Score Factors feature, they can see things that impact their credit score like credit card use and payment history.

A few important things to remember:

1. Credit Health is a free tool - there is no cost to use any of its features.
2. When employees check their credit score with Credit Health, they are making a “soft inquiry”, which does not affect their credit score. Typically, lenders use ‘hard inquiries’ to make decisions about creditworthiness when applying for loans.
3. Their credit information is never shared with their employer and does not impact their available earnings.

How secure is an employee’s credit data? Does anyone else have access to any of this information?

Their credit data is fully encrypted and secure. No one else has access to their information, including DailyPay.

How often is the credit report updated?

Their credit report is updated every 30 to 45 days.

What if the score in DailyPay is different from other scores, such as Credit Karma or banking apps?

Each of the three credit bureaus (Equifax®, Experian®, and TransUnion) uses a different model to calculate a credit score and each gathers data independently.

The credit bureaus pull their information from many different sources (such as lenders, collections, court records) at different times, so there may be differences at any particular time between the reports from each credit bureau.

The financial institutions and companies that provide their credit score use different methods. Some rely on FICO® Score and some rely on VantageScore®. Even between those two models, there are credit scores based on reports from one bureau, two bureaus, or all three bureaus.

Can Employees see their Equifax and TransUnion Credit Score within DailyPay?

DailyPay shows only the Experian credit score and report. Credit scores can vary between the three major credit bureaus: Equifax, Experian, and TransUnion.

While all three bureaus use similar scoring models, such as FICO® Score or VantageScore®, they may weigh factors differently or have slightly different information on the credit report. 

As a result, it's common for there to be minor discrepancies in credit scores from each bureau and with each type of score.

If an employee is wanting to check their Equifax, and/or TransUnion score, they will need to through other credit monitoring tools.

How does an employee sign up for Credit Health?

Important

Using DailyPay does not impact their credit score in any way since DailyPay does not report to any of the credit bureaus. Credit Health is currently in testing and not yet available to everyone who uses DailyPay. If they're eligible for Credit Health, employees will see the "Learn More" card on the Earnings tab once they log into DailyPay.

If they're eligible for Credit Health, they will see a Learn more card on the Earnings tab once they log into DailyPay.