Build Credit. Build Assets.
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1 Build Credit. Build Assets Credit Builders Alliance, Inc. Some rights reserved. CREDIT BUILDERS ALLIANCE and the accompanying Logo are trademarks of Credit Builders Alliance, Inc. This document is licensed under a Creative Commons Attribution-Noncommercial-Share Alike License (US/v.3.0). Noncommercial uses are permitted on the condition that you include an attribution to Credit Builders Alliance. If you alter, transform, or build upon this work, you may distribute the resulting work only under the same or similar license to this one. More information regarding the license is at: Requests for permissions beyond the scope of the license should be directed to Credit Builders Alliance, Inc., at Credit Builders Alliance ("CBA"), a not-for-profit organization, makes this information available for informational purposes only. This information is not intended as legal, financial, or other advice, and you and your clients should consult qualified advisors before making any decisions. CBA does not represent that any of the information will produce results.
2 What s New? Alternative Credit Data Experian RentBureau Prepaid vs. Secured Credit Cards Alternatives to traditional debit cards and unsecured credit cards
3 Top Five Things To Know About 1) 8 million of the approximately 96 million renters in the United States are reported through RentBureau. 2) Works with 45 major property management companies across the country using software programs for updates every 24 hours.
4 3) Currently reports only the positive data and removes rental history from a report if a person skips two payments 4) By mid-2012, Experian will begin to report derogatory data, including late and missed payments 5) Experian is currently the only company to include rental data on their credit reports.
5 Where does the data go? Experian has two databases with rental data: Tenant Screening: includes all 8 million tenants currently reporting their rental information Consumer Credit: 2-3 million tenants with strong rental histories and clean, full file, positive data included in their Experian credit reports
6 Pros of RentBureau 1. Builds credit for renters! 96 million people rent in the U.S. Unlike homeowners, they have not been receiving credit for their monthly housing payments. Many renters also have a thin credit files due to lack of use of mainstream financial institutions in their communities VantageScore improvements: 1 in 3 consumers whose score was in the lowest band, 501 to 600, moved up to at least the next level, between 601 and Helps to avoid late or skipped payments Incentivizes renters to pay on-time and have strong financial habits 3. Rental history will be readily available Creditors and businesses can make more-informed decisions
7 Cons of RentBureau 1. May further marginalize consumers with poor credit histories Tenants already struggling on other payments may suffer from additional negative data 2. Hinders tenants rights to withhold their rent to remedy habitability or repair problems Real-time updates of payment histories may pressure a tenant to pay despite repair issues 3. Inconsistent reporting of tenants leading to unfair credit histories of renters as a group Data on only 8 million of the approximately 96 million who rent RentBureau faces significant challenges in accessing all renters in the future
8 The Next Generation of Plastic: Prepaid Cards & Secured Credit Cards
9 What is a General Purpose Prepaid Card? Checkless checking accounts enabling the user to load and store money safely and securely. Many of the same features and benefits as a traditional debit card, but without the checking account FDIC insured bank-account in the back-end Account holder interact with intermediary company
10 Features of a GPR Card Loading Money: Direct Deposit Loading Networks (Ex: MoneyGram, Western Union) Tax Refunds Proprietary Lending Networks Spending Money: ATM withdrawal Electronic Bill Pay Retail Cash Back Remittance Transfer to a 2 nd card Retails Point of Sale PIN Signature Manage Money: Check balances via Online ATM Phone Text message alert Online Budgeting
11 Payment Structures 1) Moderately monthly fee and no fee for individual transactions 2) Low or no monthly fee and charges for certain card transactions Help prevent your clients from feeling like this!
12 How the Prices Stack Up Prepaid Card Annual fees range from $ with direct deposit Annual fees rise to $ if they do not use direct deposit Checking Accounts Yearly costs run $ every year for an account at a major bank (including five overdrafts a year and associated fees) Check Cashing Consumers pay from $ a year using check cashing services Source: Study conducted by Economist and CEO G. Michael Flores of the management advisory firm Bretton Woods Inc.
13 Pros of Prepaid 1) Accessibility no Chex or Credit Check 2) Availability sold in many retail outlets 3) Benefits of a major payment network (Visa, MC) 4) No Overdraft means no Overdraft Fees 5) Safety and security 6) Immediate liquidity
14 Cons to Prepaid Cards 1) Accounts are rarely interest-earning 2) No traditional credit building 2) Limited access to credit and savings 4) Limited theft protection 5) Read the fine print!
15 Need more info? We recommend The Nonprofit s Guide to Prepaid Cards by the Center for Financial Services Innovation (CFSI)
16 What is a Secured Credit Card? Requires a cash collateral deposit that becomes the credit line for that account Funds are secured in a savings account to be used for payment if the consumer defaults Credit limit is generally the amount in the savings account
17 Pros to Secured Credit Cards 1) Can help build or rebuild credit 2) Promotes responsible spending and healthy financial habits 3) Same privileges as an unsecured card 4) Affordable options are available! 5) Good behavior may lead to extended lines of credit and many people graduate to an unsecured card in as little as 12 months
18 Cons to Secured Credit Cards 1) When not used responsibly, credit card late fees and interest rates can rack up quickly and turn into a debt trap. 2) Revolving credit can lead to balances where consumers minimum monthly payments don t even cover all interest (negatively amortizing)
19 Justine Petersen & Citi/Banamex Card Terms $300 Secured Credit Card 2% interest on the savings account Interest rate on purchases: 20.99% $35 Annual Fee Secured Credit Card Take 4 financial education classes and pay on time for 1 year and the fee is refunded
20 Justine Petersen & Citi/Banamex Secured Credit Card Justin Petersen s Interest: Supports credit building mission Met needs for low out of pocket expenses Innovative card features Helps clients develop healthy financial habits with tangible products Stepping stone to micro-loans and mortgages Client Benefits: Access to safe and affordable credit One-on-one credit building and counseling Financial education courses to learn the best credit card practices
21 Results & Success Stories Melodie Goal: To purchase a home Jan 2010: Credit Score = 0; had a credit building appointment, had $1200 in collection debt Jan 2010: Opened JP Credit Building Loan and Banamex Secured credit card. Attended financial education classes and opened a second chance checking account at a local credit union Mar 2010: Credit Score = 674 May 2010: Client bought a home through the USDA program Dec 2010: Credit Score = 689, client aims to start a business and is working with the micro department
22 $29 annual fee 22.9% APR $200-3,000 credit limit Approval and funding can be done instantly online Partially-secured deposit based on risk (25%-100%) Credit Inform
23 Terms 0% Interest $75 closing fee 12-month term $56.25 monthly payment via ACH Sources $200 line of credit $400 installment loan Uses $400 check to borrower $200 secured card deposit Requirements Over 18 No adjustable rate mortgage No active bankruptcy No child support or tax arrears No late rent or mortgage payments in last 12 months At least $1,000 in monthly income Bank account
24 And the results are in Product Launch: August loans 0% losses 0% delinquencies Intake: 540 Median FICO 38% no score 3 Months Later: 621 Median FICO 88% increased score
25 Vikki Frank Executive Director
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