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1 out of 10 US adults are ‘credit invisible’ or ‘credit unscorable’ and not able to access credit.
KANSAS CITY, MO (March 2018) An estimated 26 million people were “credit invisible,” or had no credit history as recent as three years ago. The Federal Reserve Bank has reported that “another 19.4 million Americans do not have sufficient
recent credit data to generate a credit score.” According to the Consumer Financial Protection Bureau, one out of 10 US adults has no history with the three national credit bureaus: TransUnion, Experian, and Equifax. As a result, traditional
lenders find it almost impossible to approve a consumer line of credit and, if they are approved, consumers face significantly higher costs than those with an established credit history.
To combat this problem, Lead Bank, a leader in financial technology for the Kansas City region, is pleased to announce it is working with Self Lender, an innovative technology company that provides an online “Credit Builder/Savings Program”
for consumers trying to establish credit and/or rebuild their credit score. The Self Lender platform works by allowing consumers to borrow money to invest into a Lead Bank FDIC insured certificate of deposit (CD) account. After the loan is paid off,
the client will own a CD in an amount equal to the amount they borrowed. Crucially, each on-time payment is reported to all three major credit bureaus, so it works like an installment or loan account, which will create a positive credit history for
“This is an important and exciting opportunity for Lead Bank as we’re now able to serve the unbanked or underbanked population to effectively and efficiently save money while building their credit score,” said Greg Bynum, President of
Lead Bank. “Lead Bank strives to deliver meaningful innovation to clients in all the communities we serve. We believe strongly that bringing the improvements in technology in financial services should enable people to achieve greater success
for their businesses and their families,” Bynum said.
To date, Self Lender has strategically partnered with only two banks, one in Texas and one on the East Coast. Lead Bank continues to pave the way in the fintech industry with this new relationship. “We’re thrilled to be working with Lead Bank,
Kansas City’s premier community bank, and to be able to introduce our product to the Midwest,” said James Garvey, CEO and co-founder of Self Lender. “This is a tremendous opportunity for people to become financially healthy,”
About Lead Bank
For 90 years, Lead Bank has remained a strong independent commercial bank dedicated to delivering smart financial solutions for business owners, managers and their families and communities. With locations in Garden City, Lee’s Summit and now the
Kansas City Crossroads, Lead Bank continues to provide treasury management, lending services, and personal client products. The new flagship location in Kansas City’s dynamic KC Crossroads District introduces clients to a new “era of banking.”
For additional information, call (816) 220.8600 or visit http://www.lead.bank/
About Self Lender
Self Lender helps Americans build credit and save money via its flagship app at www.selflender.com. Founded in 2015, Self Lender has raised more than $7 million in venture capital and is headquartered in Austin, Texas. For more information, visit https://www.selflender.com.