Our Mission
Established in 2019, our mission is to help those who have been impacted by long-term incarceration, mass incarceration and financial exclusion build their credit profiles as part of their reentry journey.
Our Problem to Solve
Each year, more than 600,000 Americans return to their communities after serving time in prison. Community members leaving prison often return home with high levels of debt and no preparation for navigating financial issues.
Impact of Incarceration
Every additional year of incarceration has long-term consequences on one’s finances. In particular, community members returning home will encounter great difficulty accessing essential assets and services due to the impact incarceration had on their credit reputation. Credit scores of the formerly incarcerated are at least 50 points lower than those with no incarceration experience. Each year of incarceration can drop one’s credit score by 32 points.
Invisible Credit
Around 30% of formerly incarcerated community members have no credit score whatsoever. Furthermore, the vast majority of people returning home from prison will not have sufficiently recent credit history to access most financial services.
Discrimination
Lastly, formerly incarcerated people experience higher levels of discrimination from mainstream banks. As a result, many community members turn to high-interest payday loans from banking providers that market themselves as a readily available and heavily advertised alternative. Additionally, people coming home often have to pay higher interest rates and fees for cell phone plans, utilities, and other important services.
Why We Exist
When a recently released community member seeks out an apartment, higher education, employment opportunities, social security benefits, and/or public healthcare insurance, they will often face a barrier in the form of a credit check. The ability to successfully pass a credit check is based on a history of consistent repayments recorded by the main three credit bureaus. Without financial know-how, credit history, or a score, those returning to our communities are excluded from exercising their full financial power to access basic services and economic mobility opportunities.