Put your hand up if you have ever walked into the bank confident that you were going to get that business loan processed, only to be told that you have a low credit score. Well, if you are like me, I have experienced that disappointment one too many times.
Financial experts globally advise that one should strive to pay their bills and debts in on time, but sadly, if you don’t have a credit card that helps report your history to various credit bureaus, you may run into roadblocks when trying to get a loan or financing for your next investment project.
The good news is that StellarFi has come to the rescue, helping its users report their bills and build their credit score by simply paying for their cell phone, gym, and Wi-Fi bills.
An Introduction to StellarFi
StellarFi is an organization that prides itself on helping its users establish and build credit through the bills they pay often.
Unlike other credit repair agencies that use cheap tricks to boost their clients’ credit scores within a matter of weeks, StellarFi has established its brand in the credit repair industry by taking a long-term, holistic approach.
They take time to find the root cause of the issues that prevent their clients from being termed creditworthy and help repair the credit scores of people with a bad credit history. Thus, you can rest assured that you are in the right hands.
What does StellarFi offer?
StellarFi allows its users to convert the bills they incur regularly into payments that can be reported to credit bureaus. It is this often-reported bill that makes its customers’ credit scores grow over time.
It’s essential to remember that once you open an account with the platform, you will be issued a StellarFi Bill Pay Card that can be used to cover any online bill.
Moreover, the card also allows you to seamlessly connect your existing bills to the StellarFi account, allowing StellarFi to debit owed amounts from your connected checking account.
Once clients are done setting up their accounts, StellarFi will report all paid bills to the major credit bureaus like TransUnion®, Equifax®, and Experian®. It is through StellarFi’s consistent reporting that you’ll start to notice a change in your credit score over time.
Bill Status and Monitoring
Believe me when I tell you that there’s nothing as hard as trying to stop harmful financial habits and nurturing good financial discipline, and that’s where StellarFi comes in.
Through their platform, you can track all your payment status and all linked bills from one place. You will also receive alerts whenever bills are due, saving you the emotional and mental distress of being caught unaware by overdue bills.
Provided you have adequate money in your checking accounts, you can relax knowing that StellarFi will pay the bill.
What are some of the fees?
For those who yearn for freebies, you’ll enjoy a free credit score report. However, for those who want to build their credit score, you’ll need to pay a monthly subscription fee with the flexibility of upgrading or downgrading depending on your preference, and the best part is that you can stop using the service and it won’t adversely affect your credit score results.
Security Features
Security is a major factor for all customers who are looking to subscribe to a service or digital product, and StellarFi, bearing that in mind, has gone beyond leaps and bounds to guarantee the security of all personal data and information related to its customers.
In the rare chance that StellarFi gets hacked, you can still be confident that the hackers won’t be able to access your personal information because StellarFi uses random tokens to represent data belonging to its customers.
Also, the fact that StellarFi allows the use of digital cards makes it convenient for you to promptly turn payments off or on should you happen to lose your phone or be exposed to a data breach.
Is StellarFi worth it?
If you own a credit card, then I don’t think StellarFi is meant for you. You could use free applications like Credit Karma to keep an eye on your credit score and get useful tips about how to improve your score.
StellarFi was designed with people with a poor credit history or those devoid of any credit history in mind. Thus, you should consider it if:
1. You keep getting rejected by banks when applying for credit.
2. Suffer from a credit score that has been tarnished and destroyed due to missed debt payments.
However, for StellarFi to work, you still need to ensure that your bills are paid promptly. Don’t expect to sit back and expect the platform to work its magic. Always ensure your linked checking account has enough money to pay your online bills on time.
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Benefits of using StellarFi
1. The platform is geared towards improving your credit score.
2. Available resources can help you improve your credit education, helping you familiarize yourself with how the financial world works.
3. Flexibility to start and cancel your subscription at any time without adversely affecting your credit score.
The disadvantages of using StellarFi
1. Lack of a retroactive reporting feature: Some utility reporting services can generate reports up to 24 months before signing up, but StellarFi lacks this feature.
