A key component of Credit Building Nation is providing financial products to clients to help build or improve their credit. The primary financial product for Credit Building Nation partners and their clients is the Save2Build account.
How do Save2Build Accounts work?
Justine Petersen’s CDFI, Great Rivers Community Capital, makes a $300 credit builder loan to eligible clients from certified partner organizations. The proceeds of the $300 loan go directly into a locked savings account that Justine PETERSEN provides. Clients then repay the loan over 12 months; making monthly payments of approximately $26 (exact terms vary by state). All on-time payments are reported to two of the three credit bureaus. After a year, the client has $300 to use towards opening a secured credit card or other financial goal.