Experian has launched its Smart Money debit card, aiming to provide consumers a way to build credit without incurring debt. This initiative comes amidst a landscape where credit bureaus like TransUnion and Equifax do not offer similar products. The card is marketed as a tool for financial empowerment, with endorsements from celebrities like football player Travis Kelce, who promotes its appeal. The Smart Money card allows users to access features such as direct deposit and ATM access without monthly fees, and it even offers the potential for early paycheck access. Despite these perks, skepticism surrounds the idea of using a debit card branded by a credit bureau, especially given the historical issues with data breaches and inaccuracies in credit reporting. The Consumer Financial Protection Bureau has consistently criticized the credit bureaus for their flaws, raising questions about the credibility and effectiveness of Experian's new offering in genuinely helping consumers build credit.
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