Will pulling my credit report hurt my credit score?
No. Working Credit pulls what are called “soft hit” credit reports; these don’t lower your score at all.
Will my employer have access to my personal information, including my credit score?
No. Working Credit NFP keeps all of your personal information, including your credit report and score, confidential at all times. We don’t share any of your personal information with your employer.
What if I have no score?
Working Credit NFP offers a risk free, 0% interest credit builder loan that can help you establish a score and save money in the process. Employees with no score can use the product to establish a prime score (over 660) in as little as 6 months. Employees with low scores can use the product to get a 30-50 point increase, also in 6 months.
Working Credit NFP's Credit Building Loan is called CW-3. It is a combined loan and savings product, which you can use to build credit and save $300 at the same time. To participate, you open a 12-month loan for $300, but don't take the proceeds until the loan is paid off. Instead, you begin to make 12 monthly payments of $25/month to "pay back the loan" (but you actually save $300). Your payments are reported to the credit bureaus, which is the key to increasing your score. At the end of the year, you can opt to use your savings to open a secured credit card or keep it in a savings account for an emergency.
What is credit building?
Credit building is a service that helps you get positive information onto your credit report. Paying your cable bill, phone or electric bill on time doesn’t build credit because these payments don’t get reported to the credit bureaus. The only way to establish a good score is to open at least one good line of credit—an installment loan or credit card–and manage it well. Working Credit helps you do this.
Credit Building is NOT Credit Repair, which focuses on getting negative information off your credit report. Credit Building is also NOT Credit Counseling, which focuses on paying back excessive credit card debt.