SANTA MONICA, Calif .– (COMMERCIAL THREAD) – Grow Credit Inc. today officially announced its innovative credit building service, lowering the barrier for millions of Americans who need to establish and develop credit. By combining a small dollar loan with a virtual Mastercard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. “Small dollar loans can have a big impact on credit scores because reporting positive recurring behavior is an important credit scoring factor,” says Joe Bayen, CEO of Grow Credit.
90 million adult Americans live with poor or no credit reports at all 3 credit bureaus. This limits access to affordable essentials such as rental housing, emergency loans and car financing. Despite these challenges, Americans are addicted to affordable subscription services like Netflix, for example, because it allows them to “cut the cord” on expensive cable contracts. In fact, 92% of Millennials and 79% of all adults have at least one active subscription. This enthusiastic Bayen, who comes from humble beginnings: “Being able to offer a financially inclusive and free service to build credit has always been my goal.”
The company is currently inviting customers to join their waiting list at www.growcredit.com. No credit check is required. Once approved, the service automatically manages payments, essentially converting an existing habit into a healthy credit building exercise. A premium plan will also be available, with a larger starting loan and periodic increases in the balance. In comparison, a secured credit card requires a large initial deposit to build up credit. And services that account for term payments for rent and utilities have minimal impact, due to a lack of credit risk factors.
Bayen, a successful entrepreneur with previous experience in small loan amounts, has worked hard to bring together industry veterans. Nick Roberts, former marketing director at Acorns who helped launch them to over a million customers in the first year, is the latest addition. The team also includes Bob Hughes, former chairman of Beneficial Bank and Mark Kapczynski, former vice president of corporate development and strategy at Experian, among others.
About Growth Credit:
Grow Credit’s innovative credit building service lowers the barrier to entry for millions of Americans who need to establish and develop credit. By combining a small dollar loan with a virtual Mastercard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The Mastercard is issued by Sutton Bank and is exclusively designed to process subscription payments. The company is based in Santa Monica and was founded in 2018 by veterans of the financial industry. Learn more at www.GrowCredit.com.