During Financial Literacy Month in April and beyond, Regions wants customers to know about payment reporting services that can help them build credit without taking on new debt.
Provided by Self Financial, these services offer customers the option to select Free Rent Reporting at no cost, or step up to the full Rent and Bill Reporting service for a $6.95 monthly fee.
Unlike some other reporting platforms, Self’s Free Rent Reporting identifies and reports rent payments to all three credit bureaus – Experian, Equifax and TransUnion – for no charge.
For $6.95 per month, Self’s Rent and Bill Reporting service adds the reporting of cellphone and other utility payments to TransUnion.
Either subscription comes with the option to pay a one-time fee of $49.95 for Self to also report up to two years of prior payments.
By continuing to introduce our customers to Self’s reporting services, we’re helping them take an important first step to build financial confidence.
Self’s services are among those mentioned by Regions bankers in the Regions Greenprint® plans they help customers develop to identify their key financial goals and ways to achieve them.
“By continuing to introduce our customers to Self’s reporting services, we’re helping them take an important first step to build financial confidence,” said Autumn Voigt, who leads Regions’ Consumer Banking strategy to broaden access to financial services for the underserved community.
“To get good credit you first have to build it and that takes time, so we want customers to know we’re here to help.”
How the Service Works
After linking your bank account and selecting a subscription, Self identifies and reports your on-time monthly payments to the credit bureaus. This can help you build credit history that may impact your credit score positively* and comes with access to view your credit score.
Voigt said the need to build, or rebuild, credit is a popular ask from customers in their Greenprint® plan conversations with bankers.
“We know millions of Americans struggle with credit,” Voigt said.
“A low credit score can not only impact your ability to access mainstream lending products but may make it harder to qualify for renting an apartment, hooking up utilities, or getting car insurance, a cell phone or even a job.”
“We already offer a Regions Explore Visa® credit card and Deposit Secured Loans to help customers build credit so these services from Self are one more way we’re trying to help.”
*Results vary. You may not receive an improved credit score. Not all lenders use scores impacted by rent reporting. Not all bill payments may be eligible. Services are provided by Self Financial, Inc. Regions Bank does not provide these services and makes no representations or warranties about them.