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An Overview of Credit-Building Products

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  • Alexander Bruce
  • Simona Hannon

Abstract

Credit-building products are secured small-dollar products that allow consumers to either establish or improve their credit scores by having lenders report their payment activity to credit bureaus. Examples include secured credit cards or loan products such as credit-builder and passbook loans.

Suggested Citation

  • Alexander Bruce & Simona Hannon, 2024. "An Overview of Credit-Building Products," FEDS Notes 2024-12-06-2, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2024-12-06-2
    DOI: 10.17016/2380-7172.3679
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/an-overview-of-credit-building-products-20241206.html
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