![]() ![]() The intention behind Kikoff is to help users improve their FICO credit scores. Kikoff then reports your payment history to two of the three major credit bureaus, Experian and Equifax. The items on average cost $20, and users are required to make a minimum monthly payment of $5. While Chen won't disclose specifics on the particular products offered in the store, she notes that there are financial literacy and entrepreneurship e-books and courses. This can in turn can help people boost their credit scores. By using the Kikoff line of credit and purchasing an item in the store, users will have a Kikoff credit account that gets reported to some of the major credit bureaus. Users then use this line of credit to purchase an item from the Kikoff proprietary store.Ĭhen recommends thinking about Kikoff as if it's a payment option that can only be used in the Kikoff store. Kikoff is a credit-building product that offers all consumers a $750 revolving line of credit without charging any interest or fees on the credit line. "I realized that there was a pretty big gap in servicing this population because the existing solutions in the industry were very expensive."īelow, Select takes a closer look at how Kikoff works as well as some other options that exist for people interested in building up their credit scores. "When I was working in consumer finance at different financial institutions, I noticed that there were a lot of people who were like me who didn't have the most affluent family background," says Chen. According to the Consumer Financial Protection Bureau, low-income neighborhoods tended to have higher rates of credit invisible individuals compared to high-income neighborhoods, while Black and Hispanic consumers were more likely to be credit invisible than their white and Asian counterparts.Ĭhen founded Kikoff in 2019 with the intention of helping those who lack credit histories or have poor credit scores. The report highlighted a disproportionate impact on low-income as well as Black and Hispanic consumers. ![]()
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