The Credit Builder Account is designed to help you to build credit by setting aside savings each month.
Each month you save your selected amount, we report payment activity on the Credit Builder installment loan we open on your behalf. This builds payment history, which makes up 35% of your credit score.
How it works:
- First, Brigit arranges a Credit Builder installment loan for you and deposits the loan proceeds into a FDIC insured deposit account with Coastal Community Bank, Member FDIC.
- You do not have access to the money from your Credit Builder installment loan. Brigit reserves the funds for you in the secured deposit account.
Brigit reports the Credit Builder installment loan to the three major credit bureaus (Experian, Equifax and TransUnion).
- You decide how much you want to save on a monthly basis. Each month you save, Brigit treats it as a payment to the credit bureaus on the reported loan.
- Plus, every time you save that amount is available for you to access.
- At the end of your term, the loan is reported as paid in full and any remaining savings you’ve accumulated throughout the term is accessible to you.