Build users can see credit score increases in as little as 60
days
PROG Holdings, Inc. (NYSE:PRG), the fintech holding company for
Progressive Leasing, Vive Financial, and Four Technologies,
announces Build, a financial technology company that believes
everyone should have the opportunity to improve their financial
health through credit building products alongside educational
financial tools and information.
The Build Credit Builder Account, issued by WebBank, Member
FDIC, combines the benefits of an installment loan and a secured
savings account to help consumers build both positive credit
history and personal savings.
Initially launched in December 2021 to a select group of
Progressive Leasing customers, Build is currently available in 16
states, and the Company expects to be able to offer access to
consumers in all 50 states and the District of Columbia by the end
of 2023.
Building a Solid Credit Foundation
The Build Credit Builder Account is designed to help people
utilize regular monthly payments to establish positive credit
history. According to the Fair Isaac Corporation, payment history
accounts for 35% of an individual’s FICO score.
When a customer opens a Build Credit Builder Account, WebBank
creates an installment loan and deposits the proceeds into a
secured savings deposit account. Customers can increase their
positive credit history by making on-time regular monthly payments
on the installment loan. Those payments are reported to all three
credit bureaus, Equifax, Experian, and Transunion, helping
customers that complete scheduled payments on time achieve credit
score increases in as little as 60 days.
After the final payment is made on the installment loan, the
loan is reported to the credit bureaus as paid in-full and the
associated loan funds, less interest and fees, are provided to the
customer. If the account is closed prior to the completion of the
loan, the associated loan funds accumulated to that point, less
interest and fees, will be provided to the customer at that
time.
Furthermore, with a number of Build Credit Builder Account
options and repayment periods, consumers can choose the solution
that best fits their individual credit building needs.
“Build represents PROG Holdings’ continuing commitment to
develop empowering products that fill the gaps in traditional
personal finance, credit, and payment options. We understand the
needs of today’s consumers and create thoughtfully designed,
forward-thinking products to support millions of households in
their financial goals,” said Steve Michaels, President and Chief
Executive Officer of PROG Holdings. “Build is a potential next step
in the financial journey for millions of consumers, including
Progressive Leasing customers and applicants, looking to improve
their credit scores.”
Unlocking the Possibilities of Tomorrow
Build’s parent company, PROG Holdings, Inc., helps consumers of
all financial backgrounds create a better today and unlock the
possibilities of tomorrow through financial empowerment using
inclusive and easy-to-use financial technologies and products.
The Company’s Progressive Leasing segment helped pioneer the
Virtual Lease to Own industry over twenty years ago, and since that
time it has helped millions of customers achieve ownership of the
goods and products they need through flexible and transparent
payment options.
In addition to Build and Progressive Leasing, PROG Holdings’
companies include Vive Financial, an omnichannel provider of
second-look revolving credit products, and Four Technologies,
provider of Buy Now, Pay Later payment options
“As a leader in building flexible financial and payment
solutions that empower consumers, PROG Holdings is thrilled to
introduce Build, a credit building tool that can help people across
the country reach their personal financial goals,” said Michaels.
“When our customers told us that their number one financial goal is
to build credit, we saw a significant opportunity to offer access
to an inclusive and transparent financial credit builder option
within our suite of fintech products."
For more information about Build, visit
https://getbuild.com/.
About Build:
Build is a financial technology company that believes everyone
should have the opportunity to improve their financial health
through credit building products alongside educational financial
tools and information. Issued by WebBank, Member FDIC, the Build
Credit Builder Account allows consumers to add payment history to
their credit report through regular and timely installment loan
payments that are reported to all three major credit bureaus. Build
is owned by PROG Holdings, Inc. (NYSE:PRG), a fintech holding
company based in Salt Lake City, Utah. More information on Build
can be found on getbuild.com.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company
headquartered in Salt Lake City, UT, that provides transparent and
competitive payment options and inclusive consumer financial
products. The Company owns Progressive Leasing, a leading provider
of e-commerce, app-based, and in-store point-of-sale lease-to-own
solutions, Vive Financial, an omnichannel provider of second-look
revolving credit products, Four Technologies, provider of Buy Now,
Pay Later payment options through its platform Four, and Build,
provider of personal credit building products. More information on
PROG Holdings' companies can be found at
https://www.progholdings.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230523006000/en/
Investor Contact John A. Baugh, CFA VP, Investor
Relations john.baugh@progleasing.com
Media Contact Mark Delcorps Director, Corporate
Communications media@progholdings.com
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