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‘FIs and lenders have begun to recognize the inequities in the system’: Credit building services are on the rise

  • Consumers’ interest in credit building seems to be near an all-time high.
  • New solutions are popping up, but so are their accompanying risks.
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‘FIs and lenders have begun to recognize the inequities in the system’: Credit building services are on the rise

Earlier this year, Netflix’s series, Explained, which provides short easy-to-understand overviews of different topics, released a spinoff series called ‘Money, Explained.’ Each episode of the show delves into a different financial topic, including pyramid schemes, student debt, and retirement. 

One of the episodes explores the topic of credit — specifically, what it is and how to build it.

It seems that the conversation around credit and how to build a good credit score is becoming more ubiquitous. Search inquiries like “how long does it take to build credit from nothing” and “how to build credit when you have none” rose by more than 5000% compared to last year, according to Google Trends.

The newfound interest from consumers could be fuelling an incentive for financial service providers to add more credit building services.

According to Robin Saks Frankel, credit cards and personal finance writer for Forbes Advisor, these types of products give financial institutions access to millions of people who may otherwise remain invisible to the system.


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