Stand Together | A former bank regulator's radical initiative to fix America's credit score crisis @StandTogetherCC | Uploaded October 2024 | Updated October 2024, 15 hours ago.
America’s credit score system is a paradox: you have to already have good credit to be able to build it. This former bank regulator turned FinTech CEO has a plan to change that, so the 150 million Americans with poor credit have a fair shot at the American dream.
For more stories, ideas, and advice from changemakers tackling our biggest challenges, subscribe to Stand Together ► youtube.com/standtogethercc
—
Lamine Zarrad, founder and CEO of StellarFi, is leveraging his extensive background in banking and regulation to tackle a significant flaw in the American credit system. With 150 million Americans suffering from poor or no credit, many are trapped in cycles of debt, unable to access affordable loans or improve their financial standing.
Credit scores were born in a time when good data just wasn't available. Zarrad asks: What if we could use technology to rethink the way credit scores are measured? His company, StellarFi, aims to disrupt this outdated paradigm by using technology to redefine how credit is built. Through a monthly subscription model, StellarFi links users' checking accounts to their recurring expenses, such as rent and utilities, and reports these payments to major credit bureaus.
This innovative approach enables users to build credit with everyday transactions that traditionally go unrecognized. By improving credit scores, StellarFi empowers individuals to access better financial opportunities, ultimately aiming to enhance the overall economy by unlocking the potential of millions of Americans.
—
Watch more videos about bold new solutions for economic progress in Stand Together’s Economic Progress playlist ► youtube.com/playlist?list=PLF-0tjFMo6OIcbjrB5OTe_zi54grPWKiq
And visit Stand Together’s website to learn more ► standtogether.org
America’s credit score system is a paradox: you have to already have good credit to be able to build it. This former bank regulator turned FinTech CEO has a plan to change that, so the 150 million Americans with poor credit have a fair shot at the American dream.
For more stories, ideas, and advice from changemakers tackling our biggest challenges, subscribe to Stand Together ► youtube.com/standtogethercc
—
Lamine Zarrad, founder and CEO of StellarFi, is leveraging his extensive background in banking and regulation to tackle a significant flaw in the American credit system. With 150 million Americans suffering from poor or no credit, many are trapped in cycles of debt, unable to access affordable loans or improve their financial standing.
Credit scores were born in a time when good data just wasn't available. Zarrad asks: What if we could use technology to rethink the way credit scores are measured? His company, StellarFi, aims to disrupt this outdated paradigm by using technology to redefine how credit is built. Through a monthly subscription model, StellarFi links users' checking accounts to their recurring expenses, such as rent and utilities, and reports these payments to major credit bureaus.
This innovative approach enables users to build credit with everyday transactions that traditionally go unrecognized. By improving credit scores, StellarFi empowers individuals to access better financial opportunities, ultimately aiming to enhance the overall economy by unlocking the potential of millions of Americans.
—
Watch more videos about bold new solutions for economic progress in Stand Together’s Economic Progress playlist ► youtube.com/playlist?list=PLF-0tjFMo6OIcbjrB5OTe_zi54grPWKiq
And visit Stand Together’s website to learn more ► standtogether.org
