Connect Empowers Consumers to Take Control of Their Credit
Connect, the leading source of nontraditional consumer credit scores and services provides consumers who are unbanked, underbanked, or otherwise struggling with their credit, a solution to gain access to credit and loans. Our tools are designed to empower consumers to take control of their credit. Most notably, Connect, formerly known as PRBC, offers free, faster, and automated account verification – instantly.
63 million American adults are unbanked or underbanked
In the United States, roughly 22% of adults (63 million) are either unbanked or underbanked, according to a recent Forbes report. In most cases, these consumers have either poor credit or no credit history at all. In today’s increasingly digitized world, this makes it incredibly difficult to secure a loan. Even for people who are able to gain access to credit, these agreements can come with steep credit terms that make it very expensive.
“For millions of Americans, getting credit is a struggle”, said Connect Senior Vice President and Chief Marketing Officer Sean Albert. “At Connect, we’re committed to making credit accessible and opening up opportunities to these individuals.”
Pandemic creates economic uncertainty
Due to the many economic problems set in motion by the COVID-19 pandemic with furloughs, job losses, cuts in hours, and business shutdowns (both temporary and permanent), it remains to be seen just how many consumers will struggle with their traditional credit scores in both the near and distant future. According to the World Economic Forum, it’s “increasingly clear” the lockdowns will “further disadvantage” those already struggling to gain access to financial options many people enjoy.
While the long-term impact of the coronavirus pandemic is unknown, what is certain is many people will suffer some type of long-term financial impact. Connect’s alternative credit score solution offers consumers financial inclusion which can empower them and widely open up their financial options as they work to improve their personal economic situation due to the effects of COVID-19.
Alternative credit allows consumers to demonstrate creditworthiness
Connect’s an innovative platform provides nontraditional credit scoring that takes into account a diverse range of financial histories, such as utilities, internet, and rent payments. By telling a person’s whole payment story, Connect allows consumers to demonstrate their financial integrity in ways that traditional credit scoring does not take into consideration when calculating a consumer’s creditworthiness.
Lenders can use Connect’s alternative credit score to gain a comprehensive view of their potential customers – including the tens of millions of unbanked and underbanked consumers. This enables businesses to open their doors to people who would otherwise be excluded because of the way traditional credit models are structured. Almost one-fourth of Americans is a huge market segment to shut out and many traditional lenders, now competing with alternative lending launched by FinTech companies, realize this. They want to serve the unbanked and underbanked population, but traditional credit scoring makes this difficult.
“Too many people are being held back by their traditional credit scores,” said Albert. “Whether you want to buy a car or qualify for a loan, Connect’s nontraditional credit can put those financial dreams within your grasp.”
In fact, many lenders are so eager to serve this consumer market, they are now actively looking at alternative credit scores during the credit decision process. Currently, more than 8,500 companies use Connect’s scores when extending credit to customers.
Connect’s secure online tools simplify the scoring process
Connect is fully committed to providing consumers with credit options. Our alternative credit score model enables consumers to have financial inclusion. It’s easy – all consumers have to do is sign up for our free service, use our (also free) tools, pay their routine bills on time, and track their score – Connect will do all the rest.
Some companies claim they are free, but consumers find there are many hidden costs once they sign up for these services. For instance, these companies may charge people to verify their bills or provide a credit report. Connect is 100% free to use from beginning to end. We empower consumers to manage and organize their monthly bills in one place, in a safe and secure fashion. Connect even offers automated bill payment reminders.
Our platform tracks and analyzes payment data in real-time and is compliant with Payment Card Industry Data Security Standard 3.0, the latest set of protocols from the PCI Security Standards Council. Additionally, Connect uses 256-bit AES encryption, one of the most sophisticated information encryption standards in use, and monitors our systems 24/7/365 to give consumers stronger protection. Security is a top priority and we continuously run thousands of tests on our software to ensure no breaches have occurred.
Connect tells the ‘whole story’ about consumers’ financial responsibility
By including alternative data points that would otherwise be omitted with traditional scores, such as utility bills and other monthly expenses, nontraditional credit provides a true credit history that tells the whole story. Not having a traditional credit score does not mean a consumer is unreliable or not creditworthy. In fact, anyone can have a thin-file credit report or no credit history. This doesn’t mean they cannot or do not want to pay back the money they borrow or use on credit.
Ultimately, Connect’s online tools not only simplify the scoring process, but also empower consumers to be able to connect with lenders and creditors that accept alternative credit scores. This includes car dealerships, retailers, and furniture stores, to name a few.
Let Connect empower you – contact us today to get started
Connect has been empowering consumers since 2005. As one of the world’s largest providers of non-traditional data to the credit market, over the past 15+ years, we’ve helped thousands of individuals achieve access to credit with our alternative credit score solution.
To learn more about Connect’s process, the financial tools we provide, and how we can help you demonstrate your creditworthiness to lenders and creditors, contact us today. We’re happy to talk more about alternative credit and how you can achieve financial inclusion in a digital world.