StellarFi Announces Partnership with National Foundation for Credit Counseling
- The partnership will connect StellarFi members to nonprofit credit counseling from certified credit counselors
- Americans will have new resources to attain financial literacy, improve credit scores and reach goals, such as buying a home
- StellarFi is currently in beta and set to launch publicly later this month
AUSTIN, Texas, June 8, 2022 /PRNewswire/ -- StellarFi, a public benefit corporation, today announced its partnership with the National Foundation for Credit Counseling (NFCC) in Washington, D.C., to connect members to free financial counseling. NFCC is the largest and longest-serving nonprofit financial counseling organization in the country. It boasts rigorous accreditation standards for its member agencies.
StellarFi, which plans to publicly launch later this month, is on a mission to disrupt the U.S. poverty cycle by opening access to credit to the 132 million Americans who currently have poor credit or no credit, improving financial literacy and empowering members to take control of their respective financial journeys and achieve their goals. The company enables members to dramatically increase their credit scores using their everyday bills and payments such as rent and utilities, which StellarFi reports directly to the three main credit bureaus—Experian, Equifax, and TransUnion—to help people build positive credit.
"StellarFi wants to disrupt the credit paradox and inspire financial inclusivity by bridging the gap between millions of Americans and top-notch financial resources," said Lamine Zarrad, StellarFi founder and CEO, who is a former U.S. Treasury Department bank examiner. "Our new NFCC partnership will help everyday citizens improve their financial literacy and their credit scores to, ultimately, strengthen their financial condition."
Four in seven Americans do not have the tools they need to grow their finances. StellarFi aims to improve this statistic through its financial education partnership with NFCC. Acquiring financial literacy improves the odds of achieving among the most common goals of all Americans: buying a home.
NFCC's research has indicated that many communities underserved by mainstream financial institutions are affected by a disproportionate lack of generational wealth-building, which is a primary benefit of homeownership. The organization's homebuyer-education programs help aspirational homeowners overcome real and perceived barriers that stand in the way of their goal.
NFCC's certified financial counselors are U.S. Department of Housing and Urban Development-certified and provide a range of support for prospective homebuyers — helping people move from renting to homeownership. NFCC counselors serve all 50 states and U.S. territories. StellarFi members will be able to connect with NFCC counselors through a link on the StellarFi app to set up counseling calls.
"We are passionate about helping people overcome financial impediments through financially responsible behavior education," said Bruce McClary, NFCC senior vice president, membership & communications. "We are excited to partner with StellarFi to reach more Americans who might be in financial distress, assist them to solve those problems and ensure they can live their best lives."
A key component of StellarFi's mission is providing financial educational tools to its members, via resources available on the StellarFi website on its blog, as well as through social media (e.g., Instagram, LinkedIn, Twitter and Facebook). StellarFi members will learn more about building credit, personal finance and credit and wealth equality. Information available to members include how to build credit to buy a house, the difference between secured and unsecured credit cards, how to stop spending money, when saving or paying off debt is the wiser move and how to protect against predatory lending. StellarFi blog articles have covered topics including how to build credit to buy a house, what credit score is needed to buy a house and what to do if you're turned down for a house.
To be one of the first to try the StellarFi app and get access to credit education resources, sign up for the StellarFi beta waitlist at www.stellarfi.com/beta.
Founded in Austin, Texas, as a public benefit corporation, StellarFi is on a mission to disrupt the U.S. poverty cycle by opening access to credit to the 132 million Americans who currently have poor credit or no credit. StellarFi empowers members to dramatically increase their credit scores using their everyday bills and payments such as rent and utilities, which StellarFi reports directly to the three main credit bureaus—Experian, Equifax and TransUnion. Driven by his prior success in tackling complex financial problems, StellarFi founder and CEO Lamine Zarrad plans to expand financial equity nationwide and support millions in their journey toward financial security.
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation's first and largest nonprofit dedicated to improving people's financial well-being. With a national network of member offices serving all states and US territories, our NFCC® Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit http://www.nfcc.org today.
Visit stellarfi.com for more information.
SOURCE StellarFi
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