Frequently Asked Questions

Will I get my payments back?


No, you don't get your payments back.




How long will it take to appear on my credit file?


Bits will appear on your Experian credit file 6-8 weeks after you sign up.




Is Bits safe to use?


Absolutely! (Bits is registered with the Information Commissioner’s Office - registration number ZA507202).




What is Bits?


Bits is a credit building service. Use it if you are interested in building or improving your credit




I have bad credit. Can I still use Bits?


Yes, you can, but Bits is not for everyone. There are some circumstances in which you would be better off not applying for any new credit - including Bits. For example, if you have a recent CCJ, IVA, or bankruptcy; if you are heavily indebted, or behind on bills; or if you are generally struggling to make ends meet. You can always reach out to us discuss your circumstances in more detail by emailing hello@getbits.app.




How do I sign up?


You can sign up for Bits through our app. Find us in the iOS App Store or in the Google Play Store.




Can I change my payment date?


Yes, you can do this in the app. Click on ‘Settings’ and then ‘Change my payment date.'




How do I change my billing details?


You can do this in the app. Click on ‘Settings’ and then ‘Update my billing details.'




How do I cancel?


Send us an email to hello@getbits.app or Whatsapp us directly from the app.




How do I pay off my Bits account balance?


When you sign up, we ask you for your card details, and you give us continuous payment authority. Then, when your payment is due, we'll charge the balance to your card.




If I miss a payment, will it affect my score?


Yes, if you're unable to pay on time, it could negatively affect your score. If you're worried you're going to miss a payment, please contact us at hello@getbits.app and we'll do our best to find a solution.




How do I get help?


You can always email us at hello@getbits.app if you need assistance.




I’m unable to reset my password


Usually this happens because you’re clicking on an old password reset email. Make sure that the password reset email you’re trying to use is the most recent one we’ve sent. Old ones expires immediately. This can also happen when you try to reset your password using a different email to the one you signed up with. If you're not sure which email you signed up with, send an email to hello@getbits.app.




How do I speak to you?


You can book a call with a Bits team member here: https://calendly.com/getbits




Will deleting the app cancel my account?


No, deleting the app won't cancel your Bits account. To cancel, send us an email at hello@getbits.app.




Why can’t I see Bits on ClearScore?


ClearScore uses Equifax for their credit reporting, whereas Bits is currently partnered with Experian only for our store card product. You will see your rental payments reported by Bits, if set up, on your Equifax credit file.




How can I track my score?


To track your score, you can download the Experian app. If it's affordable for you, you might want to consider purchasing Experian Credit Expert.




Can I use my partner’s card to pay?


Sadly, no - the card you pay with has to be in your name. This is to make sure that we comply with Experian’s rules (and the law).




Why did my score drop when Bits was added to my file?


As with all credit accounts, it's not uncommon for your score to drop a little when your Bits account is first added to your credit file. This is usually only a small amount, and is only temporary. Once you've made a couple of payments on time over the space of a few months, you should start to see it increase again. If you are at all concerned that it could be something else, send us an email at hello@getbits.app and we can go through your file with you to help work out what's happened.




Is Bits FCA authorised?


We are authorised and regulated by the Financial Conduct Authority (firm reference no. 946683), to provide credit information services. We are also authorized as an agent of Plaid (see our second firm reference no., 930797) to provide open banking services -- specifically, 'account information services' (AIS). More info can be found here - https://register.fca.org.uk/s/search?q=fea%20card%20limited&type=Companies. Bits's provision of credit is currently exempt from FCA authorisation. Bits provides credit to enable customers to pay their monthly subscription and make purchases in the Bits Store and gain the benefit of building their credit. Interesting fact – not all types of credit are regulated by the FCA. In fact, there are some types of credit agreements that are expressly exempt from FCA regulation (e.g. the credit Bits provides to its customers). The features that make credit exempt from FCA regulation is that it is provided free of interest or charges, is used to fund the purchase of goods or services, and is repayable in a short timeframe. This is the same exemption that buy-now-pay-later providers such as Klarna rely upon. This exemption is referred to in legislation as exemptions relating to number of repayments to be made and can be found in article 60F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. You can check this out in the FCA Handbook here - https://www.handbook.fca.org.uk/handbook/PERG/2/7.html (PERG 2.7.19G G). Of course, if you have any additional queries on this, we are more than happy to discuss further.




What is a continuous payment authority?


A continuous payment authority is where you give us permission to take monthly payments from your debit card. Don't worry, you can cancel at any time by sending us an email at hello@getbits.app




How do I make a complaint?


If your experience with Bits has been unsatisfactory, please do reach out to us via email at hello@getbits.app so that we can do our best to resolve this for you. Our full Complaints Procedure can be found here.





What is rental reporting?


When you are looking to apply for a mortgage, lenders will look for a history of repayments on your credit file. Through rental reporting with Bits, you enable us to report your payments by allowing us view-only access to your bank transactions, through open banking. This is a very secure way for us to identify and track your rental payments, to then report to Equifax. When we report your rent to Equifax, we build up a history of repayments to prove to lenders that you aren’t a risk, and will make your payments on time. Rental payments are by far the most accurate reflection of your ability to pay back a mortgage, as often, you’re actually paying more in rent per month than you would towards a mortgage.




Can I stop my rent payments being reported?


You can remove permission for rent reporting at any time by emailing hello@getbits.app.




My renting details have changed. How can I update this?


You can update your rental details in the app. Scroll to the Bits Rental Reporting tab, and click “Update my rental details”. If you have moved house, you should also update your address. You can do this by clicking Settings, then “Update my postal address”.




What happens if I miss a rental payment?


You need to make sure that you pay your rent. If you miss a rental payment, this could have a negative effect on your credit score.




Why do I have to renew rent reporting every 90 days?


You’ll need to renew your rental reporting with Bits once every 90 days. This is a legal requirement- to comply with European law, to keep your data as safe as possible. If you don’t renew it in time, we lose access to your transactions, and can’t report your rent.




Is open banking safe?


Bits uses Plaid, an FCA regulated payment institution, to obtain read-only access to your personal information, accounts and transactions including when you are offline.
Your data is kept safe and private with best-in-class encryption protocols like the Advanced Encryption Standard (AES 256) and Transport Layer Security (TLS).
You can find more information on how Plaid ensures the safety of your data here - https://plaid.com/safety/.




Which credit bureaus do you report my rent to?


We currently report your rent to Equifax, the credit bureau linked to ClearScore. You should be able to see Bits on your Equifax credit file under Rent Data.




Do I have to pay more for rent reporting?


No, not at all! Rent reporting is a new and completely free feature that is now included in the Bits service as part of your subscription fee.





Rent reporting:

The Bits Store:

Where can I spend my credit limit?


You can spend your limit in our in-app store.




What is a store card?


A store card is a bit like a credit card, except that it can only be used to buy from a single marketplace.




What kind of products do you sell in the Bits Store?


Using the Bits store, you can purchase from big-name brands like Asos, Nike, and Starbucks.




When is my payment due for orders I’ve placed?


Your outstanding balance will need to be cleared once a month, on the same day that you pay your monthly fee.




When will I receive my orders?


Within 1 working day.




How much do I pay up front?


You pay 50% of each purchase up front. The remaining 50% is charged to your line of credit, to be repaid on your next monthly payment date. Bits is a Buy Now, Pay Later service.




Can I change my payment date?


Yes, you can do this in the app. Click on ‘Settings’ and then ‘Change my payment date.'




How can I request specific brands or products?


Email us at hello@getbits.app with your suggestions!




How do I cancel my orders?


Email us at hello@getbits.app.




How do I pay off my Bits account balance?


When you sign up, we ask you for your card details, and you give us continuous payment authority. Then, when your payment is due, we'll charge the balance to your card.




If I miss a payment, will it affect my score?


Yes, if you're unable to pay on time, it could negatively affect your score. If you're worried you're going to miss a payment, please contact us at hello@getbits.app and we'll do our best to find a solution.




How do I get help?


You can always email us at hello@getbits.app if you need assistance.




How can I see how much I owe?


Make sure you have the latest version of the app downloaded. If you scroll to the Bits Store tab, you’ll be able to see your balance – this is how much you owe.