The Importance of Building Credit
The New York Times' Patricia Cohen just published an article about the importance of building credit. Mission Asset Fund, a non-profit group based out of San Francisco, works with informal lending groups and reports loan repayments to credit rating agencies. “A credit report is like a passport to the financial marketplace,” said José Quiñonez, the chief executive of Mission Asset Fund. “Without that passport, you’re denied entry.” Grameen America recognizes the need for access to capital and credit building as a core component of our program. In addition to providing loans and free savings accounts to women entrepreneurs, Grameen America reports repayments to credit agencies so that borrowers are building credit history along the way. This helps them overcome barriers of entry to the mainstream financial system. Read the full article here.