Overview of Credit Health in DailyPay

DailyPay offers Credit Health, a free credit monitoring service for users enrolled in DailyPay. Credit Health is offered as a financial wellness tool to empower you to stay informed about your creditworthiness and detect any suspicious activity early on. Using DailyPay does not impact your credit score in any way. DailyPay does not use your credit score or report to any of the credit bureaus.

Why is it Important to Monitor your Credit?

• Early Detection of Identity Theft: Identity theft can negatively impact your finances and credit score. Credit monitoring can help to notify you of unauthorized changes or activities on your credit report. If this occurs, we suggest filing a dispute with all three credit bureaus.
  How to File a Dispute with Credit Bureaus
• Maintaining Good Credit Health: Monitoring your credit allows you to identify opportunities to improve your financial health, such as paying bills on time or reducing credit card balances.
• Preparing for Major Financial Decisions: Having a clear understanding of your credit score can help you negotiate better terms and interest rates when you take out loans.

DailyPay leverages the Experian® VantageScore® 3.0 model which includes several key components, each weighted and used differently:

• Payment History - looks at whether you've paid your bills on time, any missed or late payments, and any defaults or bankruptcies.

• Credit Age and Type - considers the length of your credit history and the types of credit you have.

• Credit Utilization - the percentage of your available credit that you are using.

• Total Balances - the total amount of debt you owe across all accounts.

• Inquiries - recent inquiries or applications for new credit.

• Available Credit - considers how much credit you have available compared to how much you're using.

Common FAQs

Signing Up for Credit Monitoring in DailyPay