The Consumer Financial Protection Bureau (CFPB) has released a report showing that a credit builder loan (CBL) could increase the likelihood of establishing a credit record for consumers without one, and could help improve the credit scores of those with no current outstanding debt.
The report examined 1,531 credit union members who were offered a financial institution’s CBL in 2014 and 2015.
Read on for details from the CFPB’s study.
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