Credit

Establishing Credit History for Immigrants: Uncovering an Untapped Market

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NEW YORK, NY (February 21, 2018) - Recent immigrants to the United States face an enormous hurdle to building a new life: a nonexistent credit history.

Credit cards, bank loans, cars and real estate all require a solid credit score, and yet immigrants arrive with a blank slate in the American credit score system, regardless of their financial history abroad.

“You could be a billionaire in Australia, come over here and try to apply for a credit card. You're probably going to get rejected if you have no credit footprint in this country,” says Lend Academy founder Peter Renton.

A number of FinTech companies have evolved to serve this overlooked market and maximize opportunities for foreigners to contribute to the American economy. Nova Credit estimates that 10 million immigrants in the past decade would be categorized as prime to super prime if their international credit records were accessible.

Read the entire article here.

Small businesses have the power to be a catalyst of transformation for our communities – and our economy. SourceFunding.org is committed to offering America's underserved communities access to low-cost, high-quality and transparent financing. Our common application and matchmaking software help connect individuals, businesses and nonprofits with our Responsible Finance Network™ of 14,000 community banks, credit unions and economic development organizations. Our mission: Financial inclusion. Click here to create your free Funding Profile.

 

Denied a Small Business Loan? Here’s How You Quickly Rebuild Credit

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NEW YORK, NY (September 15, 2017) excerpt via HUFFPOST - For small business owners and entrepreneurs, loans are often essential for growth. But a bad credit score may prevent you from getting a loan you need. If you’re in this spot, then you need to start rebuilding your credit fast!

Bad Credit = Big Problem. Despite this country’s affinity for buying on credit, many Americans still don’t fully grasp what their credit score is, how it’s calculated, or how it can affect their ability to borrow. This, of course, means they’re vulnerable and prone to making poor decisions.

To read the entire article, click here.

Every year, businesses waste 88 million hours applying for funding that isn't a good match. 8,000 creditworthy businesses & entrepreneurs are declined for funding in the US everyday.

These businesses would've been approved if they applied to the funder that's the best match for them. Accessing the network of the nation's 20K+ community lenders, SourceFunding.org helps you get the right funding from the right source. Our mission: Financial inclusion. Create a Funding Navigator profile now.