StellarFi Announces Public Launch, Allowing Over 100 Million Americans to Build Credit Just by Paying Their Bills | national company
AUSTIN, Texas–(BUSINESS WIRE)–June 28, 2022–
StellarFi, a public benefit company, today announced that its credit enhancement product is now available to everyone. With this news, 132 million Americans — who currently have poor credit or no credit, or who live paycheck to paycheck — can boost their credit rating simply by paying their bills.
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StellarFi is the first and only product that reports all bill payments directly to Experian, TransUnion and Equifax, quickly building a positive payment history for members. Unlike others that report alternative data that provide varying credit scores, StellarFi helps in establishing credit by reporting to the major bureaus mentioned above to provide an accurate score that matters to lenders. StellarFi already has over 40,000 waitlists who have expressed interest in using the product once available to build their credit scores. Members can access the StellarFi web application on mobile and computer devices. The mobile apps will roll out later this year.
StellarFi is on a mission to disrupt the cycle of poverty in the United States, improve financial literacy, and empower people to take control of their respective financial journeys and achieve their goals. Members are not required to have a credit history to use StellarFi. The company also requires no deposit, has no interest, and provides easy membership approval – part of the company’s mission to make access to credit universal. StellarFi members can dramatically increase their credit scores by paying their daily bills, such as rent and utilities, all on one platform.
Solving the credit paradox of needing credit to get credit
“StellarFi is the first and only product that reports unlimited daily bill payments directly to Experian, TransUnion and Equifax, quickly building a positive payment history for our members – it’s our differentiator,” said Lamine Zarrad, founder and CEO of StellarFi, who is a repeat entrepreneur and former U.S. Treasury Department bank examiner. “StellarFi prides itself on its accessibility: there are no credit checks or interest rates. StellarFi does not assume that people have the extra money to go into debt through secured loans. We solve the credit paradox of needing credit to get credit by paying and reporting household bills. »
StellarFi users can use their StellarFi account information to directly pay their bills. StellarFi also offers users the ability to create custom billers, providing countless options to quickly build credit due to the frequency and volume of transactions made. By reporting paid bills to three major credit bureaus, StellarFi outperforms competitors who typically only report to one credit bureau. This allows members to get a credit score that matters – a score that would qualify a person for a mortgage or a bank loan, for example.
Potential to Transform the U.S. Credit Landscape Through Financial Literacy
StellarFi also offers its members expert-led financial education through the company’s blog — and through the company’s partnership with the National Foundation for Credit Counseling (NFCC) in Washington, DC, which provides free financial advice. The NFCC is the nation’s largest and oldest not-for-profit financial advisory organization. Additionally, StellarFi offers free financial education resources on its website through its blog, as well as through social media (e.g., Instagram, LinkedIn, TwitterFacebook ).
“StellarFi has the potential to transform the credit landscape in the United States,” said John Gardner, executive-in-residence at Acrew Capital and former executive vice president of SoFi Technologies. “Amid the nation’s highest inflation rate in four decades, StellarFi is committed to helping the 4 in 7 Americans who lack financial literacy and the roughly 65% of Americans who live off a check payday to payday. Consumer demand for a solution to bad credit is clear: StellarFi’s waiting list is over 40,000.”
StellarFi’s system goes beyond companies that simply report an individual’s payment history by reviewing bank statements or rental agreements. StellarFi pays member bills on their behalf, creating a payment cushion for members that is directly reported as credit. StellarFi provides a range of payment options and can pay out almost any invoice.
“StellarFi is a public benefit corporation committed to providing accessible financial tools to underserved communities that have been left out of financial health due to an outdated credit system,” said Founding Partner Angela Yee. of StellarFi and co-host of The breakfast club, a nationally broadcast radio show on Power 105.1. “StellarFi thinks everyone is creditworthy. Anyone who pays rent should be able to get a mortgage. The company’s mission is simple: financial inclusiveness. StellarFi solves the current arbitrary capital access process.
Utilities are legally empowered to seek positive stakeholder impact in addition to profit. As a result of StellarFi’s public interest commitment to restoring financial access to its members, the company in May awarded individuals approximately $70,000 to pay their bills and provide free access to StellarFi.
Founded in Austin, Texas as a public benefit corporation, StellarFi’s mission is to disrupt the cycle of poverty in the United States by opening access to credit to the 132 million Americans who currently have poor credit. or no credit. StellarFi allows members to dramatically boost their credit scores using their everyday bills and payments such as rent and utilities, which StellarFi reports directly to the three major credit bureaus — Experian, Equifax and TransUnion. Driven by his previous success in solving complex financial problems, StellarFi Founder and CEO Lamine Zarrad plans to expand financial fairness nationwide and support millions on their journey to financial security. . Visit stellarfi.com for more information.
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Katie Le Chase
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: APPS/APPLICATIONS TECHNOLOGY PERSONAL FINANCE FINANCE FINTECH BANKING PROFESSIONAL SERVICES INTERNET START-UPS
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PUBLISHED: 06/28/2022 07:00 AM / DISK: 06/28/2022 07:02 AM