Regions Bank Introduces More Credit-Building Solutions to Customers via Self Financial
07 Novembre 2023 - 3:00PM
Business Wire
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.
1
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231107783223/en/
Media Contacts: Jeremy D. King Regions Bank
jeremyd.king@regions.com
Allee B. Sack Self Financial allee.bennett@self.inc
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