Stories of Good: Bridging Consumers to Financial Services and Economic Opportunity

TransUnion is a long-time partner of Credit Builders Alliance (CBA), a US nonprofit network dedicated to building the capacity of a diverse and growing network of hundreds of nonprofits across the country. Created by and for its nonprofit members, the organization serves as a bridge to the modern credit reporting system — helping millions of individuals with poor or no credit participate in the mainstream financial system.

We work together to help these consumers build positive credit histories. TransUnion provided grant funds for small-dollar loans to CBA Fund, CBA’s CDFI intermediary, which supported 190 consumers from largely Black communities. These loans provided an opportunity for involved consumers to gain access to financial opportunities while building credit through loan repayment. As a result, more than half (56%) of participating consumers saw an increase in their credit scores (22% of which were 11 points or greater) due to loan repayment behavior, and nearly 9% moved to a higher credit risk tier (based on VantageScore™ 3.0).

Learn more about this story of good in the video below, and read this recent spotlight featuring a consumer who received a small-dollar loan through grants from CBA Fund.