Wollit is a credit-building app that reports monthly payments, including rent, to major UK credit agencies, helping users establish a reliable credit history without requiring a credit check. For £9.99 per month, it provides a straightforward solution for individuals looking to improve their credit scores and access better financial opportunities.
Funding
$6.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ABBPASCFounders
Product
Problem
Many individuals in the UK struggle to build a positive credit history, especially those new to credit, new to the UK, or those with limited access to traditional credit products. This lack of credit history can prevent access to essential financial services like credit cards, loans, and mortgages.
Solution
Wollit is a subscription-based service that helps users build their credit history by reporting monthly payments to Experian, Equifax, and TransUnion, the major UK credit agencies. Wollit provides an interest-free loan, which the user repays in 12 monthly installments. These payments are then reported to the credit agencies, demonstrating a reliable payment history. In addition to credit building, Wollit offers tools such as rent reporting and affordability insights to help users better understand and improve their financial standing.
Target Audience
Wollit targets individuals in the UK who are new to credit, have a limited credit history, or are looking to improve their credit score to access better financial products.
Features
- Reports monthly subscription payments to Experian, Equifax, and TransUnion
- No credit check required for enrollment
- Fast and easy setup process
- Rent reporting feature to strengthen credit profile with rent payments
- Affordability insights to understand lender perspectives on income and spending
- Progress tracker to monitor credit-building journey
- Customer support available for guidance
- 14-day money-back guarantee