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One-third of young Americans do not have a credit card and, without that basic financial tool, struggle to build a credit record and the economic advantage and security it provides. Omniwire, a leading next-generation fintech company, provides a simple yet powerful solution: Credit Builder, a debit card that allows users to build a credit history without the use of credit cards and without incurring debt.
Omniwire is the developer and provider of secure, cloud-based core banking, issuer processing and card issuing services that enable financial services, fintechs and enterprises to go to market quickly and efficiently. Credit Builder is Omniwire’s revolutionary product for opening financial opportunities to people otherwise excluded because of a limited credit history.
“Omniwire’s Credit Builder is more than just another card. It is a way for people to take control of their financial futures and enter the modern economy,” said Omniwire CEO Serge Beck. “We’ve partnered with major credit bureaus and full-service community banks to deliver a product that makes it easier than ever for people to build credit securely, efficiently, and confidently.”
Omniwire's Credit Builder combines the functionality of a debit card and bank account with the strategic advantage of growing credit history. Every relevant transaction is reported to one of the three major U.S. credit agencies as a credit activity, allowing users to build a record of on-time payments and to build or improve their credit scores without incurring debt. The Omniwire Credit Builder card operates on the global Visa network, allowing transactions everywhere Visa is accepted.
Younger generations in particular can benefit from the Omniwire Credit Builder. The U.S. Federal Reserve reports that only 65% of Americans ages 18 to 29 have a credit card. The Fed study also found that about one-third of all people who apply for any form of credit are either denied or approved for significantly less credit than requested – and that percentage has grown about 7% in the last two years.
Omniwire's Credit Builder is a barrier-free entry to building credit, accessible to consumers across all financial backgrounds, and represents a significant opportunity for financial institutions to expand financial inclusivity and their client base.
For more information about Credit Builder, please visit https://www.omniwire.com/credit-builder. To learn more about Omniwire, please visit https://www.omniwire.com.
