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

• 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.
• If you are using the Credit Builder Service to improve your credit score but you end your plan early, you could end up with a lower credit score than you started with.
• 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 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.
• You'll buy your chosen plan on credit allowing you to spread the cost over 12 monthly payments. We'll report your monthly payments to credit reference agencies who'll add that information to your credit file which, over time, will build your positive credit history
• When your plan comes to an end it will automatically renew for a further 12 months unless you tell us you don’t want to renew your plan. We'll send you a reminder beforehand telling you what you need to do.

How to contact us

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

1. Who can use the Credit Builder Service?

Everyone can use the Credit Builder Service but you should think carefully about whether it's the right service for you.

The aim of this service is to help you build your positive credit history over time and, in doing so, improve your credit score.

There are some factors which will impact your chance of being accepted for credit by lenders even if you use the Credit Builder Service. This is because even if you build your credit score using the Credit Builder Service, lenders may still not accept your application for credit due to these factors being on your credit file.

This will be the case for you if you:

• have any late debt or bill payments;