Reporting of rent and utility payments to credit bureaus can help consumers build credit.
Regions Bank and Self Financial, Inc. on Tuesday announced a collaboration designed to help Regions’ Consumer Banking customers further build their credit report files and, over time, improve their financial health.
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Regions Bank and Self Financial announced a collaboration designed to help Regions’ Consumer Banking customers further build their credit report files. (Photo: Business Wire)
Specifically, Regions will introduce its Consumer Banking customers to the option of leveraging Self’s credit-building service to have their rent, cell phone and utility payments reported to the three major credit bureaus – which helps create a more complete picture of consumers’ financial habits. This, in turn, gives people an opportunity to further establish their credit without having to take on new debt, such as credit cards or loans.
“Every day, Regions customers receive financial advice and guidance from our bankers, who care deeply about helping people achieve the goals that matter most to them,” said Kate Danella, head of Regions’ Consumer Banking Group.
“This collaboration between Regions and Self is another tremendous step forward in empowering customers through a more comprehensive view of their financial health,” Danella added. “It also complements the personalized Regions Greenprint® financial plans our bankers help customers create, giving them a clear roadmap toward building credit and achieving other financial goals.”
“We were drawn to work with Regions because of our shared commitment to working toward financial inclusion,” said Chris LaConte, chief strategy officer at Self Financial. “Working with Regions enables us to support more consumers who either are new to establishing credit, or they’re in need of solutions that reflect how they’re already responsibly managing bills and other payments.
“For example, there are millions of Americans who rent their homes, but many aren’t recognized by the credit bureaus for successfully making those payments,” LaConte added. “Self addresses this problem by enabling consumers to have their payment histories taken into account so they can get the credit they deserve.”
Self’s rent and utility payment reporting service, which is available for a $6.95 monthly fee, complements a range of Regions Bank services designed to support greater financial health among consumers. Those services include:
- Regions’ suite of Now Banking solutions for non-account holders, which includes full-service check cashing, money orders, bill payments and money transfers through Western Union
- The reloadable prepaid Now Card and the Bank On-certified Regions Now Checking® account, both of which include no overdraft fees
- The Explore Visa® credit card, Deposit Secured Loan and other deposit-secured lending1
- Affordable mortgage options requiring no down payment
- No-cost financial wellness and budgeting tools available to everyone through the Regions Next Step® financial wellness program and MyGreenInsights on Regions.com. About 20% of the Next Step webinars focus on how to build credit.
- The more than one million no-cost Regions Greenprint® personalized financial plans the bank creates annually for personal and small-business banking customers. The personal banking version uses indicators from The Financial Health Network to provide a financial health score – financially vulnerable, financially coping, or financially healthy – and recommended next steps to improve.
For more information about how Regions customers can benefit from Self, visit Regions.com/Self.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $154 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Self Financial
Self Financial is a credit-building platform working to increase economic inclusion and financial resilience through products that make building credit accessible. With no hard credit check to get started, Self's signature Credit Builder Account and secured Self Visa® Credit Card issued by its partner banks are designed to enable people to build credit and savings simultaneously. The company also offers rent and utility payment reporting. Download the Self app at the Apple App Store (245,000+ reviews and an average 4.9 rating) or Google Play or visit Self.inc for more information.
Regions’ records show customers with credit scores under 620 see their scores increase by an average of 49 points in the 12 months after opening a Regions Explore Visa®, and an average of 58 points in the 12 months after opening a Deposit Secured Loan.
You pay the rent on time … You pay the cellphone bill … You make utility payments. So why aren’t those payments supporting your #CreditScore? A collaboration between @RegionsBank and @SelfCreditApp makes it easier to report these payments.