Regions Bank partnered with Self Financial Inc. to allow its customers to improve their financial health and credit. In particular, consumer banking customers can use Self Financial to report their rent, cell phone and utility payments to all three major credit bureaus, which in turn helps customers establish credit, according to a press release.
«Working with Regions enables us to support more consumers who either are new to establishing credit, or they’re in need of solutions that reflect how they’re already responsibly managing bills and other payments,» Chris LaConte, chief strategy officer at Self Financial, said in the release. «For example, there are millions of Americans who rent their homes, but many aren’t recognized by the credit bureaus for successfully making those payments. Self addresses this problem by enabling consumers to have their payment histories taken into account so they can get the credit they deserve.»
The reporting service is available for a $6.95 monthly charge.