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Jumpstart Credit Free Software Platform
Credit checks can also determine whether you get approved for housing or even whether you can get a job,” said Vandris, A.B. Paulson School of Engineering and Applied Sciences (SEAS) student entrepreneurs Andreas Vandris and Ben Molin, provides a way to help those individuals take control of their credit.Their free software platform analyzes an individual’s credit report to generate an easy-to-read, customized action plan outlining the steps to a better credit score.“Poor credit makes loans incredibly expensive or even completely inaccessible. Many of these low-income individuals are shut off from the mainstream financial system and are forced to use expensive payday lenders and check cashers.Jump Credit, a startup co-founded by Harvard John A. That’s why we created the Jump Start options for our members just reaching these milestones for the first time.Millions of low-income Americans who have poor or no credit pay an average of $200,000 in additional interest and fees over their lifetimes, compared to borrowers with excellent credit. These are major financial milestones, and Kirtland FCU believes they’re essential to achieving financial independence. Pass the NCLEX-RN and earn a permanent RN license within 12 months of your.
He found that many clients with poor credit feel overwhelmed and confused about what comprises a credit score and the path to a better one.A subprime credit score is below 660 on a scale of 300 to 850 factors like account payment history, amounts owed, length of credit history, types of credit used, and new credit are used to generate the score. It becomes a downward spiral.”Vandris saw the impacts of that downward spiral firsthand while providing credit advice to clients during an internship at the City of Boston’s Office of Financial Empowerment. “If you have poor credit today, the odds are stacked against you.
Organizations can use the software to help their clients in one-on-one financial coaching sessions or group educational workshops.In addition, the co-founders envision Jump Credit being used at tax time as part of the IRS-sponsored Volunteer Income Tax Assistance Program (VITA), which provides free, in-person tax preparation for 3.3 million people each year at 9,000 locations nationwide.Since many individuals who visit VITA sites receive tax refunds, it is the ideal time to advise them on making the most of their refunds to improve their credit, Vandris said. Jump Credit received the Public Sector Innovation Award at the Harvard College i3 Innovation Challenge and was named runner-up in the Social Impact or Cultural Enterprise Category of the Harvard President's Innovation Challenge, earning $25,000 in prize money.Now, Vandris and Molin are rolling out Jump Credit to municipalities and nonprofits across the country. The feedback they received in the SEAS course Engineering R&D (ES 95r), taught by Paul Bottino, Executive Director of Innovation Education, helped them develop a user-friendly web platform. They tested the platform with more than 100 users, going through each individual’s report by hand to ensure the software provided the best possible advice, then adjusted the algorithms accordingly.Their biggest challenge was adapting the software to account for the many possible financial situations of clients, which can include student loans, credit cards, mortgages.
“Everyone can benefit from better credit. Energized by the fast pace of that rollout, they hope to continue working with organizations to reach tens of thousands of people next year.“We want to empower people to take control of their financial situation and build a brighter future for themselves,” Vandris said. While taxpayers are waiting to get their taxes prepared, a staff member can provide them with personalized credit advice in just a few minutes.So far, Vandris and Molin have partnered with non-profits and municipalities in five states.
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