Credit Strong is a credit-building program that helps individuals improve their credit scores by offering credit builder loans and secured revolving lines of credit. When a user takes out a Credit Strong installment loan, the loan amount is placed in a locked savings account and is not accessible until the loan is fully repaid. The borrower makes monthly payments on this loan, which are reported to the three major credit bureaus. This payment history, which accounts for about 35% of the FICO credit score, helps build a positive credit record. The loan payments include principal and interest, and at the end of the loan term, the principal amount paid is returned to the borrower, minus any fees or unpaid interest. Credit Strong also offers a secured revolving line of credit that increases the user's total available credit and lowers overall credit utilization, further boosting credit scores while the user saves money. Credit Strong requires no credit check for approval, and its program is available in most U.S. states. It is designed for users with limited or poor credit to build their credit profiles responsibly with consistent monthly payments reported to all three credit bureaus. The funds in the savings account earn minimal interest during the loan term, and the program also provides educational resources to help users understand and manage their credit. In summary, Credit Strong works by combining a secured loan or revolving credit line with a savings component, reporting the timely payments to credit bureaus to help build credit over time, and returning the saved principal to the user at the end of the loan period.
