I came across an idea that I think might be a perfect fit for Neo, a Financial Health Score.
Instead of only showing just the credit score, Neo could provide a Financial Health score that reflects your overall financial health by considering things like savings, spending habits, debt, investments, emergency fund, and bill payment history.
What would make it even more valuable is showing members exactly how to improve their score. For example: “Paying off $500 of credit card debt could increase your score by 15 points,” or “Saving an extra $100 this month could move you to the next milestone.”
I think a feature like this would set Neo apart by helping members build better financial habits and track their overall financial wellness, not just their borrowing ability.
I think this is an interesting idea but you would need some way to bring over information from other FIs you’re dealing with. But I would also worry about sharing all of this information with a financial institution.
It is not feasible as transunion and equifax canada are the ones who provide credit score and in order for points to increase it depends on various factors beyond the control of the neo financial itself for example if you use other credit cards from different banks. Its an interesting idea though.
We actually do our own internal scoring, alongside the data from the bureaus, so this could be as simple as surfacing the Neo score somewhere. Cool idea!
We do have linking, actually. They way we use it right now is for people who are on the edge of getting approved for something, they can link an external bank account and it will help their application. Only one bank at a time right now.