Did you know, nearly 138 million American adults are struggling financially?*
How about this? 43% of Americans struggle to pay their credit obligations and other bills. – Center for Financial Services Innovation
Obviously, there are many factors at work here: stagnant incomes, rising costs of living, a growing economic divide, etc.
It would be easy to say things like: “live within your means,” or “save more than you spend,” But if you’re in the middle of a tough financial situation, it’s more complicated than some simplified, pithy financial platitudes.
27% of U.S. households are either unbanked or underbanked – Center for Financial Services Innovation
Why? Maybe they’re lower-income, maybe they’re younger – fresh out of high school or college. They have little or no credit history, or poor credit history. Banks and financial institutions don’t want to offer premium services and low-cost loans to lower-income individuals with little or no credit history. So where do they turn?
Predatory lenders, check cashing services, payday loans, etc. They welcome lower-income individuals with poor credit history, inviting them with fees that seem reasonable, but when annualized are actually worse than big banks. A lot of these financial problems stem from poor credit scores. And that’s where…
Datalinx Rental Payment Reporting service comes into play
For people renting a house or an apartment, we can work with the property manager or landlord to help them report on-time rental payments to the credit bureaus. Often, within a few weeks of reporting, residents see a 20-30 point increase in their credit scores. That increase can help open doors to better banking, better lending opportunities, and lower interest rates and fees on financial services.
Find out more about how Datalinx can help you with your credit reporting needs. Get in touch by filling out our form to the right, send us an email or give us a call.
*2016 Financially Underserved Market Size Study published by the Center for Financial Services Innovation http://cfsinnovation.org/research/2016-financially-underserved-market-size-study/
Speak Your Mind