The Consumer Financial Protection Bureau recently released a report about the millions of Americans that are "credit invisible" having no reportable credit information at all or "credit unscorable" meaning they have few active lines of credit preventing our commercial credit scoring models from generating a valid credit score.
If you are one of the 45 million Americans (19% of adult population) with no credit or limited credit, you may find that traditional avenues to obtaining loans are closed or difficult to navigate. Many of these Americans have been responsibly paying their financial obligations, but have no record of their payments recorded on their credit report.
Bank On partners offer citizens a path toward better credit. By working together with our Bank On participants, our financial institutions can help you overcome your lack of credit history and help you build a positive credit profile that assures you have access not only to lower interest loans, but also to housing, jobs and better insurance rates that are available to citizens with solid credit.
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