Consistently paying your bills on-time accounts for around a third of the influence on your credit file, and is one of the most important ways you can protect your credit score.
To help you do this, after you connect a bank account, we will scan your account for recurring subscriptions and bills. Once a month, we will check which bills we can cover to help protect your credit score.
We will notify you seven days in advance in if we don’t think you will have enough money in your account to pay the bill in full, and remind you to top up your account with your own funds.
If we don’t see enough money in your account two days before the bills are due, we will notify you again and give you the option to top up your account with the difference to make sure you can pay your eligible bills using our credit line.
For example, if your balance is £10 and you have a £90 bill coming up, we'd top you up with £80.
This stops you going into a negative balance, and avoids any damage to your credit score from missed bill payments or overdraft usage.
It's important that we ensure as much as we can that any financial help we provide helps you stay on top of your bills to improve your overall financial situation. Therefore if you're already in a negative balance, or if the amount required to pay a bill exceeds your credit limit with Portify, we won't offer you a top up, as this could put you into a worse financial position.
When do I need to pay back my withdrawal by?
We will let you know the date on which we plan to automatically take payment for the amount we've topped you up by. This should align with when you are paid. You are also welcome to repay manually from the app before this date if you prefer.
If we've not been able to collect your repayment within 30 days of releasing funds to you, we will try to collect the outstanding sum automatically until it is repaid.
Repaying on time benefits you, as we will report this on time payment to Experian, Equifax and TransUnion to build your credit file.
If your withdrawal has not been repaid within 30 days, we will unfortunately have to report this to the Credit Reference Agencies which will result in a late marker on your credit file which can damage your credit score.