- What are the most important messages to convey when coaching clients on how to use a secured card to build their credit?
- What marketing messages and techniques resonate most with clients who need to build credit?
- What should nonprofits and financial institutions look for in developing partnerships around delivery of secured card?
FIELD and the Citi Foundation are pleased to announce the release of the first publication from the Asset Building through Credit Pilot, a demonstration project that worked with five microenterprise programs to test the delivery of a
secured card, combined with credit coaching, as a tool to help aspiring entrepreneurs to build their credit and move toward their business goals. The paper shares key experiences from the pilot - including the ideal customer profile, card approval rates, the demographic and credit profiles of cardholders at the time of application, and preliminary findings on credit score outcomes. Although the pilot tested the card with aspiring entrepreneurs, many of the issues and findings apply to the practice of delivering a card to any low-income individual seeking to build credit.
FIELD will be hosting a free webinar at 1:00 p.m. EDT on Tuesday, March 4 to share and discuss the findings from the paper. Register here to join us.
Stay tuned: Two additional reports from the demonstration - one on the credit outcomes experienced by cardholders, and one on business models for delivering a secured card - will be published in the spring of 2014.
FIELD would like to thank the Citi Foundation for its generous support for FIELD and the Asset Building through Credit Pilot program.