MoneyLion is helping consumers gain a clearer picture of their credit health with free credit monitoring tools provided by credit bureau, TransUnion®. Data collected by MoneyLion since Q1 2016 has shown that loan takers that use their credit monitoring tools are 28 percent less likely to default.

“MoneyLion’s free credit monitoring tools powered by TransUnion are critical to our mission to help consumers take control of their financial lives,” said Diwakar Choubey, co-founder and CEO of MoneyLion. “By offering users a 360-degree view of their finances, we’re providing real-time insight to help drive better financial behavior.”

MoneyLion’s credit monitoring tools allow users to:

• View their individual credit report
• Use a credit simulator to forecast the impact of financial decisions on their credit score
• Set up real-time alerts informing users of critical changes to their credit report

Users can access these tools by setting up a profile on the free MoneyLion app, where enrollment takes less than three minutes. In addition to credit monitoring, MoneyLion offers tools that track spending and saving, balance alerts for unusual spending patterns, and a financial network with product reviews and personalized recommendations, advice and support.

Users enrolled in credit monitoring also have access to additional benefits through MoneyLion’s extensive rewards program designed to incentivize positive financial behavior. Through this program, users earn rewards such as gift cards or reductions in APRs when they take actions to improve financial well-being, such as improving credit scores, making on-time payments, demonstrating low credit utilization or maintaining a positive checking account balance.

“MoneyLion is harnessing the power of sophisticated data analytics and machine learning technology to gain sharper insights into the financial habits of our users. This in turn enables us to make tailored offers and recommendations that will lead to better financial health over time,” added Choubey. “As technology continues to change the way consumers go about their daily lives, we are meeting the need for convenient and holistic personal financial management tools to match this increasingly digital lifestyle.”