Credit-building platform GetAugie formed a strategic partnership that will enable consumers to sign up for its Augie Card using the Passport mobile app from ability-to-pay fintech FormFree. By automating the identity verification process required to obtain an Augie Card, GetAugie’s integration with FormFree will make it easier than ever for consumers to get started building credit without changing their spending habits.
What makes the Augie Card unique
Because credit scores are calculated based on a person’s history managing revolving and installment lines of credit, consumers who pay for purchases exclusively with cash or debit often have low credit scores or no credit score at all. GetAugie enables these consumers — who are disproportionately minorities, recent immigrants and the young — to build credit history by paying for their recurring monthly bills with the Augie Card. Consumers who already have a credit score may also use Augie Card to continue building and improving their credit history.
The Augie Card does not require a credit check and does not charge consumers any of the fees or interest that typically come with a credit card, nor does it require consumers to come up with an upfront cash deposit to secure the account. However, unlike payments made by direct debit or using a debit card, payments made with the Augie Card are reported to credit bureaus to help consumers build credit history. The Augie Card is also unique in its ability to fast-track consumers’ credit growth based solely on consistent, timely payment of the recurring bills that are already part of monthly household budgets, such as subscription services and insurance.
“At a time when 45 million Americans have little to no credit profile, the Augie Card empowers underserved populations to build credit history without taking on additional debt while avoiding predatory loans, sky-high interest rates and expensive lending schemes,” said Amit Thakur, CEO of GetAugie. “We are delighted to partner with our friends at FormFree, who share our passion for expanding access to credit, to bring the Augie Card to more consumers and to make our simple application process even more streamlined.”
Passport makes applying for an Augie Card lightning-fast
FormFree’s Passport mobile app puts consumers in the driver’s seat of their self-sovereign financial identity (SSFI) by aggregating, analyzing and perpetually refreshing all of their financial data — including assets, employment, income, public records, credit and rent payment history — in one place. With Passport, consumers always know their Ability to Pay® and can anonymously share their comprehensive, real-time Financial DNA® via secure token to providers of financial services such as home, auto and business financing, home-equity loans and buy-now-pay-later arrangements. Only upon acceptance of a firm credit offer does Passport securely share personally identifiable information with the selected creditor or financial institution.
Applying for an Augie Card from within Passport allows for automated identity verification that whittles down the already fast application process to just seconds. And as consumers build credit with the Augie Card, they can see in Passport how improvements to their credit score impact their buying power.
“Integrating the Augie Card into Passport gives lenders and borrowers an easy, free way to build credit and bring more home financing and wealth-building opportunities within reach,” said FormFree Founder and CEO Brent Chandler. “FormFree is proud to partner with GetAugie as we work together to decentralize and democratize the way consumers understand their financial data and access credit opportunities.”
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