Gina Heeb
speaker
171 appearances
4 recordings
1 series
first heard Feb 2023
last heard Jan 2025
Gina Heeb’s voice in public audio — every appearance, attributed to the second.
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Appearances
For some of them, it's just taking utility bills, your electric bill or your cable bill and reporting those monthly payments as credit.
For others, it's a little bit more what some would describe as gaming the system, where you're depositing a certain amount of money into these fintech accounts and you're actually choosing your utilization.
And on the back end, it's just being reported as credit.
With a traditional credit card, the whole point of it is to give a consumer access to money that they otherwise might not have.
So that money is coming, you know, from a bank that's lending it.
With these credit builder cards, often it is working like a debit card, meaning that the money is actually coming from the consumer themselves.
For decades, credit scores have very much had one purpose, and that is to predict willingness and ability that a consumer is going to repay a loan.
And this is used in all sorts of situations beyond, you know, getting a credit card.
It's also used in determining whether an applicant for an apartment will get that apartment, whether a candidate for a job will get that job.
And with these sorts of cards, there is no loan being taken out and it's still affecting that score.
Regulators haven't said a ton about these products yet, because remember, they're not administered by banks themselves.
It's fintechs often working with banks.
But we do know that regulators have been taking a deeper look at fintechs in general and how they partner with banks.
So I guess that could change.
A lot of these fintechs, the very point is to make it almost impossible for that to happen.
With that said, I have found cases where a mispayment can be reported to bureaus.
It's just in general, they make it a lot harder than, you know, your traditional bank credit card.
So I heard mixed reviews on this.
People did see scores go up, at least initially, which is great.
And what is advertised here?
Showing 41–60 of 171 · page 3 of 9
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