Frequently Asked Questions

Find answers to common questions about Credzly and our credit-building services

Categories

General Questions

Rent Reporting

Credit Builder Account

Secured Credit Card

Billing & Payments

General Questions

  • Credzly is a credit-building platform that helps individuals establish and improve their credit scores through various services, including rent reporting, credit builder accounts, and secured credit cards. Our mission is to make credit building accessible to everyone, regardless of their current financial situation.

  • Credit building works by establishing a positive payment history, which is the most significant factor in your credit score calculation. When you make on-time payments that are reported to the credit bureaus, it demonstrates your reliability as a borrower. Over time, this positive payment history helps improve your credit score. Credzly's services are designed to help you establish this positive payment history through various methods.

  • Building credit is a gradual process that varies based on your unique financial situation. Most customers begin to see improvements in their credit scores within 60-90 days of using our services. However, significant improvements typically take 6-12 months of consistent, positive credit activity. Factors that influence the timeline include your starting credit score, credit history length, and any negative items on your credit report.

  • While we cannot guarantee specific credit score improvements, our services are designed using proven credit-building strategies. The majority of our customers see positive results when using our services as directed. Credit scores are influenced by many factors, including your overall credit mix, utilization, payment history across all accounts, and other financial behaviors. We provide the tools and guidance to help you build credit, but results will vary based on individual circumstances.

  • All Credzly services report to the three major credit bureaus: Experian, Equifax, and TransUnion. This ensures that your positive payment history is reflected across all commonly used credit reports, maximizing the impact on your credit score regardless of which bureau a future lender might check.

Rent Reporting

  • Our rent reporting service reports your monthly rent payments to all three major credit bureaus. We verify your rental information with your landlord or property management company, then report your payment history. This adds a new tradeline to your credit report, which can help establish or build your credit history. You can also report up to 24 months of past rent payments, depending on your plan.

  • While you don't necessarily need your landlord's permission to report your rent payments, we do need to verify your rental information with them. We contact your landlord or property management company to confirm your tenancy and rental amount. Most landlords are cooperative with this process, as it benefits their tenants without creating additional work for them.

  • If your landlord is unresponsive or unwilling to verify your rental information, we have alternative verification methods. These may include reviewing your lease agreement, bank statements showing consistent rent payments, or other documentation. If we're unable to verify your rental information through any method, we offer a 30-day money-back guarantee.

  • Yes, depending on your plan, you can report up to 24 months of past rent payments. Our Basic plan includes current rent reporting only, the Plus plan allows reporting of up to 12 months of past payments, and the Premium plan allows reporting of up to 24 months of past payments. Reporting past rent payments can have a significant positive impact on your credit history length.

  • If you miss a rent payment or pay late, we don't automatically report it as negative information. Instead, we'll contact you to understand the situation. If you're experiencing temporary financial hardship, we can pause reporting until you're back on track. Our goal is to help build your credit, not damage it. However, consistently missed payments may affect our ability to continue the service.

Credit Builder Account

  • A Credit Builder Account works like a loan in reverse. You make monthly payments into a secured account, and these payments are reported to the credit bureaus as loan payments. At the end of the term (6, 12, or 24 months), you receive all your money back (minus fees). This helps you build credit while also saving money. There's no credit check required to open an account.

  • The Credit Builder Account is designed as a commitment to help you build both credit and savings habits. Early withdrawals are generally not permitted, as this would defeat the purpose of the credit-building loan structure. However, in cases of genuine financial hardship, we may consider early termination requests on a case-by-case basis. Early termination may affect your ability to receive your full savings back.

  • If you miss a payment on your Credit Builder Account, it may be reported as a late payment to the credit bureaus, which could negatively impact your credit score. However, we understand that financial circumstances can change. If you anticipate difficulty making a payment, please contact us before the due date to discuss options, which may include payment deferral or adjusting your payment schedule.

  • Yes, your money is held in an FDIC-insured account through our banking partners. This means your funds are protected up to $250,000 by the federal government. Additionally, we use bank-level encryption and security measures to protect all your personal and financial information.

  • Do I earn interest on my savings?

    The Credit Builder Account is primarily designed as a credit-building tool rather than an investment vehicle. While the account itself does not pay interest directly to you, the primary benefit is the potential improvement to your credit score, which can save you thousands of dollars in future interest costs on mortgages, auto loans, and other credit products.

Secured Credit Card

  • The Credzly Secured Credit Card requires a security deposit that becomes your credit limit (minimum $200). This deposit reduces the risk for the card issuer, allowing approval without a credit check. You can use the card like any other credit card, making purchases and paying your bill monthly. Your payment activity is reported to all three credit bureaus, helping you build credit history with responsible use.

  • No, there is no credit check required for the Credzly Secured Credit Card. This makes it accessible to individuals with no credit history or poor credit. Instead of relying on your credit score for approval, we use your security deposit as collateral for the credit line.

  • Yes, you can increase your credit limit by adding to your security deposit at any time. For example, if you initially deposit $200 for a $200 credit limit, you can later add $300 to increase your limit to $500. After 12 months of responsible card use, you may become eligible for an unsecured credit limit increase, which doesn't require additional deposits.

  • Your security deposit is refundable when you close your account in good standing (with no outstanding balance) or when you upgrade to an unsecured card. After 12 months of responsible use, you may become eligible to upgrade to an unsecured card, at which point your security deposit would be refunded.

  • The Credzly Secured Credit Card has no annual fee. However, standard credit card fees apply, including late payment fees ($25-$35), returned payment fees ($25), cash advance fees (5% of the amount, minimum $10), and foreign transaction fees (3%). The card has a variable APR of 24.99% for purchases and balance transfers. There are no hidden fees, and all fees are clearly disclosed in the cardholder agreement.

Billing & Payments

  • We accept all major credit and debit cards, including Visa, Mastercard, American Express, and Discover. We also accept ACH bank transfers for recurring payments. For security reasons, we do not accept cash, checks, or money orders.

  • For Rent Reporting services, you'll be billed monthly on the same day each month. For Credit Builder Accounts, you'll make monthly payments according to your selected plan. All recurring payments are processed automatically using your preferred payment method.

  • We offer a 30-day money-back guarantee for our Rent Reporting service if we're unable to verify and report your rental information. For Credit Builder Accounts, your savings are returned at the end of your term (minus fees). If you're not satisfied with our services for any reason, please contact our customer support team, and we'll work with you to resolve any issues.

  • No, we believe in complete transparency. All fees are clearly disclosed before you sign up. For Credit Builder Accounts, there's a one-time account setup fee of $9.95, and for the Secured Credit Card, standard credit card fees apply (late payment, cash advance, etc.). There are no hidden fees or charges for any of our services.

  • Yes, you can cancel your Rent Reporting service at any time through your account dashboard or by contacting customer support. There are no cancellation fees. For Credit Builder Accounts, early termination may affect your ability to receive your full savings back. Please refer to the terms and conditions for details.

Still Have Questions?

Our customer support team is here to help you with any questions you may have.