Positive Account holders can now manage their credit status as part of a package that allows debt management companies to provide their customers with banking service that helps them to regain control of their finances.
The Positive Account from Psi-Pay, one of the leading European e-Wallets, now includes Experian's CreditExpert credit monitoring service. It also incorporates The Positive MasterCard and other tools that allow people to receive monthly income and split out and schedule payments for essential expenses, such as utility bills and rent.
The Positive Account operates in the same way as a bank account with a linked debit card. People with a poor credit rating or a history of bad debt will not be turned down on the grounds of a bad credit rating. The product has a fee structure that is particularly beneficial to the reseller.
The Positive MasterCard card is powered by Psi-Pay, which is regulated by the FSA as an e-money issuer. It can be used online, at retail outlets and to withdraw money at MasterCard® ATMs worldwide.
CreditExpert membership allows Positive Account holders to make regular checks on their credit reports, which list their credit accounts, repayment track record and balances, so they can see how well they are coping financially and monitor their progress. They will also have access to expert advice on credit and will be alerted every time there is a significant change to their credit report, which helps to protect them against identity fraud.
Paul Templeman, CEO of Psi-Pay, says: "The addition of CreditExpert from Experian to the Positive Current Account adds real value for our customers. Every account holder will now be in a position to understand how credit works, see how well they are managing and get advice on rebuilding their credit status."