"Together, we’re providing a comprehensive approach for customers to become more financially prepared."
- Kiruba Shankar Eswaran, CEO of Eleos
This partnership offers Income Protection (IP) policies to Wollit’s customers, helping them build financial resilience alongside their credit-building journey – customers can access this product through the platform they already use to strengthen their credit profiles.
Wollit’s credit-building service provides customers with an interest-free loan to cover their twelve-month subscription (£9.99 per month), reporting each payment to major credit agencies in the UK. The platform also features ‘Rent Reporting’, which securely reports rent payments to Experian and Affordability Boost, which allows customers to see how lenders view them.
The financial resilience offered by IP allows Wollit customers to safeguard their ability to make regular payments (crucial for credit building) even if they face unexpected income disruption.
"Financial resilience is built on multiple pillars, with credit health and income security being fundamental components. Our partnership with Wollit aligned naturally – as customers build their credit profiles, they can simultaneously protect their income, which is vital in building personal credit," explained Kiruba Shankar Eswaran, CEO of Eleos.
Eleanor Hunt-Pain, Product Manager at Woolit, added: "We’re excited to partner with Eleos to bring affordable and accessible IP to our customers. Wollit Credit Builder helps users build their credit history with a 12-month subscription. Our partnership with Eleos will allow customers to protect their credit-building progress and future financial commitments if they cannot work.
"Eleos’ fully digital service integrates seamlessly with Wollit’s user-friendly app, ensuring customers have the best experience possible while fulfilling our mission to improve financial security for millions of people across the UK."
