Self Financial Adds Rent and Utility Reporting to Its Expanding List of Credit Building Products

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Self reports rent payments to Experian, Equifax and TransUnion and reports utility payments, including cell phone, electric, water and gas, to TransUnion.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Thursday, December 15, 2022

Information

Tags:

Science and technology in Asia, Water, Credit card, Self, Mobile, Equifax, Community, TransUnion, App Store (iOS/iPadOS), Online shopping, Experian

Geotags:

AUSTIN, TX, US, TEXAS

⚠ partially generated by AI ↴

Organisation:

SELF FINANCIAL, SELF FINANCIAL, INC.

Summary

Key Points:

Self reports rent payments to Experian, Equifax and TransUnion and reports utility payments, including cell phone, electric, water and gas, to TransUnion.
Earlier this year, Self acquired consumer data reporting company LevelCredit and introduced rent and utility reporting in Beta testing exclusively to the company’s 1 million+ customers.
Since payment history accounts for 35% of a consumer's credit score(2), rent and utility reporting has the potential to positively impact consumers’ financial wellbeing by offering a starting point to build credit with bills they are already paying.
Self Financial is a credit-building platform working to increase economic inclusion and financial resilience through products that make building credit accessible.

Austin, Texas, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Self Financial, a leading fintech company that makes credit and savings accessible to U.S. consumers with low or no credit, has now made rent, utility and cell phone payment reporting broadly available on its platform to help consumers build their credit. Self reports rent payments to Experian, Equifax and TransUnion and reports utility payments, including cell phone, electric, water and gas, to TransUnion.

Earlier this year, Self acquired consumer data reporting company LevelCredit and introduced rent and utility reporting in Beta testing exclusively to the company’s 1 million+ customers. With no hard credit check required to get started, existing Self customers and new sign ups now have the option to pick multiple credit building pathways to fit their individual goals and budgets:

Building credit through savings with Self’s flagship Credit Builder Account
Building credit with the Self Visa^® credit card, which offers secured and partially secured credit to eligible customers
Building credit through Self’s latest product, a subscription service that helps people report their rent and utilities payments to the credit bureaus

To sign up for rent and bills reporting, customers pay a $6.95 monthly subscription to connect their bank accounts and select which eligible payment(s) to report. The subscription includes a monthly credit and score summary, instant alerts and $1 million in identity theft insurance and restoration. An optional $49.95 one-time payment is available for monthly subscribers to have up to two years of prior payment history reported on their credit report.

More than 100 million Americans have a low or no credit score(1). Since payment history accounts for 35% of a consumer's credit score(2), rent and utility reporting has the potential to positively impact consumers’ financial wellbeing by offering a starting point to build credit with bills they are already paying.

“With inflation and so much economic uncertainty, consumers are under a great deal of financial pressure. Having access to credit is the key to financial freedom because credit gives people options, especially when the unexpected happens,” said Monique White, Head of Community at Self.

For more information, visit www.self.inc.

About Self Financial

Self Financial is a credit-building platform working to increase economic inclusion and financial resilience through products that make building credit accessible. With no hard credit check to get started, Self's signature Credit Builder Account and secured Self Visa® Credit Card issued by its partner banks are designed to enable people to build credit and savings simultaneously. The company also offers rent and utility payment reporting. Download the Self app at the Apple App Store (220,000+ reviews and an average 4.9 rating) or Google Play or visit Self. inc for more information.

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SOURCES

(1) https://files.consumerfinance.gov/f/201505_cfpb_data-point-credit-invisibles.pdf

(2) https://www.myfico.com/credit-education/whats-in-your-credit-score

Allee Bennett Sack
Self Financial, Inc.
[email protected]