Well it’s probably much more difficult to provide a service like streaming video media. This is just a much easier and cheaper way to get access to some of the same information.... just to sell it. It’s probably a “let’s make some money and maybe help a few people along the way” kind of deal. And that should be fine because most other companies don’t help you at all, lol.
Jay-Z launching "Perch Credit" app to help PoC raise their credit scores
- Thread starter satam55
- Start date
I understand your perspective.
I honestly don't get the "hesitation" about this though. Monthly payments you have to make regardless should be a huge factor in your credit score. Having to borrow money to play the credit game is wack.
I understand how credit, in general works. My question is what are they doing to allow things that are usually not considered to now be considered. Nothing is changing other than the fact that you signed up for their service
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One good thing Biden and them are planning on doing is re-inventing the whole credit scoring model. Taking it out of the hands of the 3 major private bureaus and making one large government system. In essence destroying the current FICO system.
Rent and utilities will be weighed more heavily into your score. Should help poor people and young people build credit without going into debt.
Rent and utilities will be weighed more heavily into your score. Should help poor people and young people build credit without going into debt.
Supposedly they partner with credit unions so they can report reoccurring payments for rent, streaming services or whatever. The service people are signing up for is having these items reported so they count toward your score.
Jay-z is known to present investments as activism and trying to hustle black people into supporting his business ventures in doing so. Pointing that out isn't nitpicking, it's holding Jay-Z accountable to the community he prevents to care for.
for the people asking about "the catch" there's already other stuff similar like Kikoff.
That makes it a little clearer, but I’m interested in HOW it actually works. Like, once it gets to the credit union, what are they doing to allow this information to be classified as credit history. But I’m a technical guy, so that’s just me. The underlying question for me is... why do you even have to get a service for this anyway. If you can back door it, and it still be valid, it should be considered without having to get a service through a third-party.
But that’s another topic, I suppose.
staticshock
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Damn nikkas couldn’t come in here ready to hate 
That I'm unsure of. Ideally, I'd think the credit union would use it as a way to determine a score if a person, say wanted to get a mortgage in the future, but opted not to have a credit card or other loans.
Edit:
I think a benefit for the credit union is identifying a new population of borrowers or new members; those with stable payment history, but with no or little loan/credit card debt.
I can see a situation where the credit union doesn't want to invest in the resources to identify this population themselves, so taking on a third party would make sense. There is definitely data being sold and exchanged.
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Some people who know how to create such and app I guess.
It's a black American (ceo) and an Indian (cto), if that is important, you still don't know the ceo personally.
And it's pointless to know if they are strictly in it for the money or for the benefits to society. Just like mad people in green finance are only in it for the money but the fruit of their labor is still positive. Or how people become doctors to live a good life but they work leads to good outcomes for people. Or whatever. As long as people offer the services they say they are offering, the background of the person should be irrelevant to a high degree (obviously one might not want to support neo nazis or whatever).
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You can take 5 minutes to look up the company and their offering to see they arent “hustling” anybody.