Project Keywords:
Credit Building, Fintech, Financial Inclusion
Project Summary
Academic Area:
Project Medium:
This APP helps users build credit by using monthly expenses like rent and subscriptions as credit-building data points. It connects users' bills to major credit bureaus and provides financial education on building and maintaining credit health.
Project Achievements
Michael Broughton was motivated by his struggle to secure financial aid for college due to a lack of credit history. Perch was created to help individuals, especially from low-income and marginalized communities, establish and grow credit in a system that often excludes them.
Project Inspiration
The app has democratized credit-building for 55 million Americans without credit scores, offering features like FICO score tracking and real-time notifications about credit updates. Perch has transformed how overlooked populations access credit opportunities.
Project Social Impact
This APP is breaking down systemic barriers to financial inclusion, particularly for marginalized and low-income individuals. By offering an accessible way to establish and track credit, it empowers users to build financial independence, secure loans, and create opportunities for long-term economic stability.
Project Market Demand
This APP is breaking down systemic barriers to financial inclusion, particularly for marginalized and low-income individuals. By offering an accessible way to establish and track credit, it empowers users to build financial independence, secure loans, and create opportunities for long-term economic stability.