Cheese offers a credit builder account that allows users to make fixed monthly deposits, which are reported to all three credit bureaus, enabling them to establish or improve their credit history without a credit check. Users can save their money in a secure bank account and receive it back at the end of the term, providing a straightforward method to build credit while accumulating savings.
Funding
$5.8M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals, especially those with limited or no credit history, struggle to access traditional credit products. Building a positive credit profile often requires taking on debt, which can be risky and counterproductive for those who are financially vulnerable. Traditional methods may also involve complex applications and credit checks, creating barriers for some users.
Solution
Cheese offers a credit builder account designed to help users establish or improve their credit history through fixed monthly deposits. These deposits are reported to all three major credit bureaus, demonstrating responsible financial behavior. The platform allows users to save money in a secure account and receive it back at the end of the loan term, minus interest and fees. This approach enables users to build credit without a traditional credit check or the need for a credit card.
Target Audience
The primary target audience includes individuals with no credit history, those looking to rebuild their credit, and anyone seeking a low-risk way to improve their credit score.
Features
- Fixed monthly deposits reported to Equifax, Experian, and TransUnion
- Savings account to hold deposited funds securely
- Choice of 12 or 24 month loan terms
- No hard credit check required
- Credit monitoring to track progress and identify potential issues
- Fixed APR on the credit builder loan