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How to Build Credit

According to the Asset Funders Network, people with low or no credit scores may pay $200,000 more over a lifetime for financial products like loans, credit cards, or mortgages than individuals with good scores. It’s very difficult to get a loan with low credit. Loans that don’t require good credit come at a high cost. Payday and title loans don’t require good credit, but charge a huge amount of interest often trapping people in a cycle of debt. In fact, Idaho payday lenders charge an average of 582% in annual interest on their loans — the highest rate in the nation according to a 2012 Pew Study. Jannus Economic Opportunity (EO) offers a credit-building program to help those with no, thin or poor credit histories access affordable loans, as a tool to achieve financial stability and control.

EO has worked with hundreds of individuals and small businesses who need money but may not have any credit history. We provide credit education, credit coaching, and credit building tools including small loans. These small loans help build credit scores, because EO lending activity is reported to the three major credit bureaus (Loan payments made on time reflect positively on a credit report).

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