SAN FRANCISCO, June 30, 2021 / PRNewswire / – Financial wellness platform Credit sesame announced today a new technology for generating credit through the digital banking service, Sesame cash, which allows consumers to use their cash to build and generate credit quickly and rewards them with cash when they do. With this announcement, Credit Sesame unlocks a new way for consumers to build their credit through responsible use of their Sesame Cash debit card without falling into further debt, ultimately helping to close the credit gap and create wider inclusion for them. about 44 million Americans who are invisible to the credit system. Customers with early access to new technology improved their credit scores by up to 71 points in just two months.
Getting into the credit system or getting out of the poor credit cycle can be difficult and can take years. With over 50 percent of all debit card transactions, especially among the younger generations, a significant portion of the American population has an inadequate credit history or poor credit rating. In a recent survey of 5,000 American consumers, Credit Sesame were found that 72 percent of those who do not have a credit or fine record do not have traditional financial products, including check or savings accounts, mortgages, car loans or credit cards, which puts them at a significant disadvantage when it comes to joining the US financial system; or even doing daily shopping.
For the first time, Credit Sesame facilitates financial integration for those new to credit with a quick, easy way to create credit using their debit card. With this new lending banking service, Credit Sesame is making a huge leap in helping its 16 million customers achieve their number one goal: to build and increase their credit. This is especially true for younger Americans, new immigrants, or people with inactive or thin credit records. Good credit is a key component of financial well-being, especially since more than half of Americans live on a meager salary with very little savings and a high reliance on credit for survival.
“We have long believed in the need for equal opportunities and integration into our credit and financial system,” he said. Adrian Nazari, CEO, Credit Sesame. “Now, the cash that consumers have and the day-to-day debt markets they make can help create the credit score they deserve. Credit Sesame is proud to be a pioneer in bringing new solutions and greater financial integration to the industry, allowing consumers to they use their cash to build their credit quickly and easily and pave the way for all consumers to have access to credit. “
With this new technology, Credit Sesame reveals the first and only debit card that:
- Actively helps consumers reap the benefits of a credit card with their bank account and debit card — no separate card
- Offers free daily credit score updates so consumers can keep a close eye on their progress
- Rewards customers with cash when their credit score increases
- It offers many other benefits of saving money on a digital bank account, including the absence of overdraft fees and the option to make an early payment day
Credit Sesame will list the cash that consumers have to build credit, along with centralized purchases, utilization and timely payments to major credit bureaus, establishing a credit base and rapid good behavior to create a better credit score.
Credit company Sesame Cash opens the door to countless new opportunities that come with improved credit, such as lower interest rates on car loans, mortgages, or renting in the neighborhood of your choice. Almost everyone (94 percent) Americans with bad credit (scores between 300-549) can recognize how bad their credit score has been – 28 percent can not rent the apartment they want, 22 percent can not rent a cell phone and 14 percent have lost a job opportunity due to credit problems. For those who do not have credit, the credit card company can offer a way to penetrate and reduce the mental and emotional stress that can accompany exclusion from the system: 31 percent of Americans who do not have credit or a fine record is scared and uncertain about the future because of their credit score, and 3 out of 10 do not try to log in – they have given up. Nearly a third (28 percent) of those in this cohort say they have never had a chance to build good credit – the system was stacked against them from the beginning. Better credit can also mean significant savings. For example, someone with a fair credit score (580-669) could end up paying almost $ 5,000 more at interest rates in a $ 21,000 car loan, compared to someone with a very good credit score (740-799).
“Some difficult living conditions left me without credit. I spent years paying cash for everything and I was constantly worried about being able to take care of my children,” he said. Joseph Cruzan early access user to Texas whose credit score increased by 58 points in two months with Sesame Cash credit builder banking. “Today, thanks to Credit Sesame, I can go into a store with the confidence that I will not be denied a purchase – and just the other day I got approval to finance a washing machine. That really opened the door for me. “I just needed someone to give me a chance.”
Credit Sesame is one of the first fintech companies to implement credit building tools using consumer cash and alternative data points for fast credit creation. Using artificial intelligence and leveraging data on cash, spending, and existing consumer behaviors, such as timely bill or rent payments, Credit Sesame can now help consumers build a strong credit foundation and help others have been left out of the credit system or are struggling to build their rating.
Credit Sesame announces its new credit line banking service recently announcing $ 51 million raised capital, an acquisition of the Zingo rental reporting platform, and exceeded one million Sesame Cash customers. The company’s success is rooted in the value that millions of consumers derive from its free platform in recent years. 61 percent of customers see their credit score improve within the first six months and 20 percent see their credit score improve by more than 50 points in the first six months.
The Sesame Cash Credit Generator is currently available to a limited number of existing beta customers and will soon be available to the general public. To learn more and create a free Sesame Cash account, download the Credit Sesame mobile app iPhone the Androidor visit www.creditsesame.com/creditbuilder-arrival/.
About Credit Sesame
Credit Sesame is a financial wellness platform that utilizes the latest technology, AI and analytics to help consumers achieve better financial health and stability and create better opportunities for themselves and their families. Credit Sesame has helped millions of consumers improve their credit scores, increase their chances of approval, reduce their credit costs and save money. Strong credit health leads to better financial health and stability, and with Sesame cash, Credit Sesame helps speed up credit and consumer financial well-being in one place. Credit Sesame is funded by leading institutional and strategic investors. It currently operates in the US and Canada. For more information on Credit Sesame, visit www.creditsesame.com and continue Facebook, Twitter and LinkedIn.
SOURCE Credit Sesame