When you sign up for CreditBuilder, you take the first step in building your score over 24 months. Each month you pay $5, which we report to the Credit Bureaus as interest against a loan which is held on your behalf. These successful payments build up your credit history, helping to improve your score. Once the 24 months have passed, or if you decide to cancel/stop paying, CreditBuilder is simply marked as paid in full. This prevents any missed payments undoing the positive impact that your on time payments have on your credit score.
CreditBuilder is a fantastic stepping stone towards seeing the benefits of an improving credit score, without the responsibility of taking on a big financial commitment. When you do find yourself ready, with the help of a co-signer, TransformCredit can help you access funds too! At which point, any CreditBuilder loan you have will be paid in full on your behalf.