Credit Builder Terms

These are the legal terms that apply to you and Wollit (Wollit/us/we) when you use the Credit Builder Service on the App.

These terms apply to you and Wollit together with our General Terms and Conditions, App Terms of Use and Privacy Policy.

Some key things you need to know

• The Credit Builder Service is a service paid for through an annual subscription. You buy the annual subscription on interest free credit and pay it off in 12 monthly payments. We'll report this agreement, and your monthly payments, to all major UK credit agencies (Experian, Equifax and Transunion) which over time can help to strengthen your credit profile.
• We cannot guarantee your credit score will improve, nor can we guarantee how long it will take to see any improvement, as this depends upon a variety of other factors, such as your management of other financial commitments, which are outside of our control.
• The Credit Builder Service doesn't give any investment or financial advice. It's not the right service for you if that's what you're looking for.
• The Credit Builder Service is unregulated credit and not regulated by the Financial Conduct Authority, and this means you will not, as a consumer, have protections that typically come with a regulated product.
• It can be common for credit scores to dip slightly when any new credit account is opened. This dip is usually minor and temporary. As you make on-time payments and demonstrate responsible credit management, your score should recover and head in the right direction.
• If you are using the Credit Builder Service to improve your credit score but you end your subscription early, you could end up with a lower credit score than you started with.

How to contact us

If you have any questions or need to contact us please email us at [email protected].

1. What is the Credit Builder Service?

The Credit Builder Service is designed to improve your understanding of credit and help you strengthen your credit profile. The Service comprises a growing suite of software tools and educational resources including:

• Rent Reporting - Automatically report your rent payments to Experian and Equifax
• Credit Smart - Interactive educational courses teaching credit fundamentals
• Affordability Boost - See what lenders see when they analyse your spending, with personalised tips
• Olli AI - Your personal AI credit assistant providing instant answers about UK credit
• Credit Wins - Discover which everyday payments are already building your credit
• Progress Tracking - Monitor your credit-building journey over time

You also have the ability to pay for the Service via an unregulated interest-free loan, with the intention that these monthly payments are then reported to Experian, TransUnion, and Equifax to build your credit history.

2. Who can use the Credit Builder Service?

The credit builder service seeks to improve your access to and understanding of credit. but it isn’t right for everyone.
Please do not proceed if:

• You’re in bankruptcy, an IVA, or a debt management plan, or have been within the last 12 months.
• You’ve had one or more County Court Judgments in the past 12 months.
• You're having trouble with existing debt.
• You're worried about making payments.

This is because even if you successfully build a positive credit history with us, any negative markers already on your credit file will still be visible to lenders, who may decline your applications because of them. Additionally, starting a new credit commitment now (e.g this Credit Builder subscription) while you have negative markers on your credit file could make it harder, not easier, to access credit in the future.

3. How does the Credit Builder Service work?

Wollit Credit Builder is a fixed 12-month subscription which costs £119.88. This amount is due in full on the date you accept this agreement. When you agree to start the Credit Builder subscription, you'll enter into an interest-free loan agreement with us to cover the total cost of it. Please note that you will not receive any cash from this loan. You'll pay off the total cost of your subscription over 12 monthly payments of £9.99 until your loan is fully repaid. These are your monthly payments.

We'll report to the credit reference agencies that you have entered into a loan agreement with us and each month we'll report the status of your monthly payments. The credit reference agencies will record this information on your credit file. Over time, making your payments in full and on time builds your credit history. Your credit history is the single biggest factor affecting your credit score because it's evidence that you can manage credit responsibly.

Your loan agreement will be an "exempt" credit agreement under section 60F(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. This means that a piece of legislation called the Consumer Credit Act 1974 (CCA) doesn't apply to the loan agreement and you won't receive the same consumer protections you would if the CCA applied to the agreement.

4. How do I pay my monthly payment? When is it due?

Your monthly payment must be paid on or before your repayment date.

Your first monthly payment will be due on the date you enter into the loan agreement and your subscription starts.

After that, your monthly payment will be due on the same date each month until you've paid off your loan in full. We call this your repayment date.

You can check your repayment date in the App.

If your repayment date falls on a non-working day, your repayment date will be moved to the next working day.

If your repayment date can't be the same date on a particular month, e.g. if it's a leap year, then your repayment date will be the closest date which falls before your usual one.

You may make a monthly payment (or payments) early. If you choose to do this then you'll need to tell us, and we'll apply the prepayment amount to your relevant future payment(s).

To collect your monthly payment, we'll ask you to provide a continuous payment authority (CPA) so that each monthly payment can be collected from your chosen bank account.

A CPA is a recurring payment made on your chosen card that you authorise to be taken each month automatically as a way of paying your monthly payment. Unlike a direct debit, a CPA is not covered by any guarantee although you'll be able to cancel it at any time through the App or by contacting your bank.

We may provide additional payment methods to make paying your monthly payment easier for you.

5. Can I pause my monthly payments?

You can ask us to pause your monthly payments. If we agree then we will pause your monthly payment and will tell you how long we are willing to do that for. We will not report this as a missed payment to the credit reference agencies.

6. What happens if I don’t pay my monthly payment?

If you're worried about not being able to pay your monthly payment please contact us as soon as possible and let us know. If we do not hear from you beforehand, we'll always try to contact you if we don’t receive your monthly payment.

We'll try and collect your monthly payment from your chosen payment method for 28 days following your missed payment.

If we can't collect your monthly payment within the 14 day period following your missed payment, and you have not contacted us to cancel the subscription or discuss your situation we may be required to report this information to credit agencies. If you think that the product is no longer affordable to you and you think you may miss an instalment payment, you should contact us to cancel the product.

7. Do you charge late fees?

No, we don't charge any late payment fees.

8. How long will my subscription last for?

Your subscription will last for no longer than 12 months.

9. What happens when my subscription comes to an end?

When your subscription comes to an end it will automatically renew for a further 12 months unless you tell us that you don't want to renew your subscription.

You'll need to tell us at least 14 days before your current subscription ends if you don’t want it to automatically renew.

We'll send you a reminder four weeks before your subscription comes to an end to remind you of your renewal date and let you know how you can notify us if you don’t want to renew your subscription.

If you forget to do this and your subscription automatically renews you'll be able to cancel your new subscription for up to 14 days. This won't cost you anything and you can do this either in the App or by contacting us by email.

10. Can I cancel my subscription?

Yes, you can cancel your subscription via the App or by contacting us by email.

If you cancel within 14 days of buying your subscription:

• you'll be refunded any monthly payments that you have paid
  you will lose access to the service and all the tools it provides
• your loan agreement with us will end
• we'll take no further monthly payments
• we’ll unwind your loan with the credit referencing agencies

If you cancel after 14 days of buying your subscription:

• you'll not be refunded any monthly payments that you have paid
  we will cancel your subscription and you will lose access to the service and all the tools it provides
• we will provide a refund of the balance of your subscription (whole months) and use this to discharge the balance of your interest free loan.
• your loan agreement with us will end, you will have nothing further to pay from the date of cancellation and we'll take no further monthly payments from you
• provided your payments are up to date, we'll report your loan as settled when we report to the credit agencies, however cancelling your subscription will not have the same positive impact on your credit score that completing your subscription would have.
• if your payments are not up to date we’ll report your loan as partially settled when we report to the credit agencies. This may impact how other lenders interpret your credit file as it shows you did not fulfil a financial commitment to full term.

Please note that whilst you are able to cancel your subscription it's common for scores to dip slightly when you take out a loan, so cancelling your subscription early could leave you with a lower credit score than when you started.

11. Can you end my subscription early?

Yes, we reserve the right to cancel your subscription early if:

• you've not paid your monthly payments and we're unable to collect it within 28 days of your repayment date.
• you've seriously (or we suspect you've seriously) breached these terms, our General Terms and Conditions or App Terms of Use.

If we end your subscription early this may affect your use of the App (unless you have breached our General Terms and Conditions or App terms of use).

• You will lose access to the tools and services in your subscription,
• You will retain access to the app itself and any free services that are included within it

If we end your subscription early,

• your loan agreement with us will end
• we'll report your loan as partially settled when we report to the credit agencies, this may impact how other lenders interpret your credit file as it shows you did not fulfil a financial commitment to full term.

If we stop you from using the App or Credit Builder Service, you must:

• stop all activities permitted under these terms, including your use of the Credit Builder Service
• immediately destroy all copies of any pages from the App in regards to the Credit Builder Service which you've downloaded or otherwise stored

If we're unable to continue to provide the Credit Builder Service, we'll provide you with 30 days' notice that your subscription is ending. We'll not charge you any further monthly payments and report your loan as settled to the credit reference agencies.

12. Rent Reporting

Rent Reporting is a feature of the Credit Builder Service where we can report your monthly rent payments to credit reference agencies. This shows them that you are paying your monthly rent payments regularly and reliably, which can also have positive effects on your credit file.

How does rent reporting work?

If you'd like to use this feature then you'll need to set up and authorise Rent Reporting through your Wollit account in the App.

To set up Rent Reporting you'll need to tell us on which date you pay rent and how much you pay and other relevant information. We'll then check your personal bank account to try and confirm if the rent payment you've told us about has come out of your account. To report on your rent payments, we access your bank account data, for details on how we do this, please see "How does Wollit access and use my bank account data?" below.

Once we've confirmed the rental payments have been made via your personal bank account or other methods, we'll report it to the credit reference agencies. If we can't confirm that the rental payment has been made then we won't report this to the credit reference agencies and it is not treated as a missed payment.

Can I switch rent reporting off?

Yes, you can ask us to stop Rent Reporting through your Wollit account in the App and we'll stop reporting your rent payments to the credit reference agencies.

13. How do I make a complaint?

If you've got a complaint about our Credit Builder Service you can contact us by emailing [email protected]. We'll aim to respond to any complaints within 7 business days.

14. My personal details have changed, what should I do?

You should let us know as soon as you can if your personal details change.
Personal details include your name, address, contact number, email address and your status as a UK resident.

15. What credit reference agencies do you report to?

We report to three UK credit reference agencies: TransUnion, Experian and Equifax.

Full details of the data we may share with credit reference agencies is set out in our Privacy Policy.

Wollit and the credit reference agencies we use will make sure your information is treated in accordance with United Kingdom data protection law, so you can have peace of mind that it will be kept secure and confidential and your information won't be used for prospect marketing purposes.

16. How does Wollit access and use my bank account data?

When you agree to Wollit's General Terms and Conditions you agree to give us a read-only connection to your main personal bank account held in the UK. This is your personal account.

Your personal account should be the account you consider to be your main account in the UK. This means that it's the bank account your income is paid into and what you use for your day to day spending.

If you decide to use a different account as your personal account then you should let us know by updating your details in the App as soon as possible. If you don’t do this, some features of the App, including the Credit Builder Service, won't work as they're supposed to.

TrueLayer consent

When you agree to Wollit's General Terms and Conditions you agree to and provide your explicit consent and instruction for us and our supplier TrueLayer to access, retrieve and use your personal account data.

In the interests of security, we'll ask you to renew your consent periodically. You may also withdraw your consent for our read-only access to your personal account at any time.

If you withdraw or fail to renew your consent when requested, we'll be unable to continue to provide some elements of the Credit Builder Service and such provision of the service will be suspended immediately unless and until you provide consent.

17. Using the Credit Builder Service

You can only use the App and Credit Builder Service for your own personal use and must not:

• do anything that may disable, modify or harm the Wollit App or the Credit Builder Service
• use the Wollit App or the Credit Builder Service for any unlawful activity, unlawful purpose, or in any manner inconsistent with these terms, or act fraudulently or maliciously, or in any manner that may cause offence or harm to any person, or which may infringe the intellectual property or other rights of Wollit or any third party.

18. Keeping your Wollit App safe

You'll access the Credit Builder Service through the App.

If you think your App account might've been compromised in some way or don't recognise activity on your account, please contact us as soon as possible.

You must not allow any other person to access the Credit Builder Service on your behalf. You must treat your access and authentication details as confidential, and you must not disclose these to any other person.

If we reasonably suspect or become aware that you've been the subject of fraud or an operational security incident, we may disable some or all of the functionality of your Wollit App account until such time as we believe that the suspected incident has been resolved.

We've got the right to disable any Wollit App user, identification code or password, whether chosen by you or allocated by us, at any time, if in our opinion you haven't complied with the above.

19. How does Wollit use my personal data?

Your personal data will be processed in accordance with our Privacy Policy.

Under these terms you agree that we may contact you for the purposes of providing information in relation to the Credit Builder Service by sending an email to the to the email address you've given us, by SMS message or telephone call to the mobile number you've given us, by post to the mailing address you've given us, or by push notification to your mobile device (where you consent to receive these).

20. Changing these terms

We can make changes to these terms and the subscriptions we offer from time to time, for example to:

• reflect changes in law or best practice
• make necessary changes to the features of the Credit Builder Service
• make additions or improvements to the Credit Builder Service which are in your favour
• make necessary improvements or minor technical adjustments to the App or provision of the Credit Builder Service (such as running an update to ensure the continued provision of the Credit Builder Service, or to address a security threat)
• correct any error or omission in any information or document issued by us provided that any the correction does not materially affect these terms

We'll let you know when we make any changes to these terms by email.

21. How we can use our rights under these terms

We may transfer our rights or obligations under these terms to a third party. We'll let you know if we're going to do this in advance. You can't transfer your rights or obligations under these terms to anyone else.

Nothing in these terms is intended to, nor shall create, any right enforceable by any third party and the Contracts (Rights of Third Parties) Act 1999 shall not otherwise apply to these terms.

If any part of these terms is or becomes invalid, illegal or unenforceable it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If this isn't possible, the relevant term or part-term shall be deemed deleted. Any modification to or deletion of a term or part-term under this clause won't affect the validity and enforceability of the rest of these terms.

We may choose not to enforce any of these terms, or we may delay enforcing them. This won't mean that we aren't able to enforce the same term later.

22. Disclaimers

We've taken reasonable steps to ensure the accuracy, currency and availability, correctness and completeness of the information contained on the App, including the Credit Builder Service. However, we can't guarantee that:

• the App or any content, document or feature of Credit Builder Service will be error-free or uninterrupted
• any defects will be corrected or that your use of the Credit Builder Service will provide specific results

Please note the material on the App or the Credit Builder Service could include technical inaccuracies or typographical errors.

The App, its content and the Credit Builder Service are delivered on an "as-is" and "as-available" basis.

23. Exclusion of Liability

To the fullest extent permitted by law, we exclude any liability direct, indirect or consequential loss or damage incurred by any user in connection with our Wollit App or the Credit Builder Service or in connection with the use, inability to use, or results of the use of our App or the Credit Builder Service, including:

• loss of business; income or revenue; profits or contracts; anticipated savings; data; or goodwill;
• wasted management or office time; and
• any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.

Nothing in these terms limits any liability which cannot legally be limited, including but not limited to liability for:

• death or personal injury caused by negligence;
• fraud or fraudulent misrepresentation; or
  any other liability which cannot be excluded or limited under applicable law.

We're not liable for any failure, suspension and or termination of access to the App or Credit Builder Service in connection with or arising out of an event which is outside our reasonable control.

25. Which law applies to these terms?

These terms are governed by the law of England and Wales.