Canadian fintech KOHO this week launched their first credit building product. KOHO Credit Building reports all activity to TransUnion®, one of the two major reporting bureaus in Canada.
For many Canadians, the current credit building marketplace is comprised of expensive products that lack transparency. KOHO’s Credit Building helps users take control of their credit narrative for $7 per month. A small line of credit is issued and reported monthly, generating a positive credit history. There are no additional fees and no compounding.
“Historically, the options for building credit are expensive, murky or both, especially for middle-class Canadians,” stated CEO of KOHO, Daniel Eberhard. “We think our approach to credit building is a new form factor. It’s simple, affordable and transparent. We’re really proud of it.”
KOHO’s attention to their users’ financial needs has helped them create a product roadmap that continues to deliver on their promise to make banking simple and accessible for everyone.
