creditBound is a credit building program for young adults in the workforce.
The program brings together a group of 6 young adults. Each member of the pool contributes the same amount of funds each month during required financial capability workshops. Then each member takes turns receiving a lump sum amount of $500. The monthly payments are then reported to a credit agency, in return the on-time payments improve credit scores.
Having strong credit paves the way to access economic opportunities including employment opportunities, quality loans, housing, and much more.
By helping young adults prevent the debt and credit issues, creditBound is set to position them in a path of upward mobility.
If you have any questions about the program, please call: Brando Sencion at 831-460-2361.
Frequently Asked Question
Q: How does creditBound build my credit?
A: The monthly payments are reported to the credit bureau.
Q: How long is the program?
A: The program is 6 months long. Each group consist of six participants and each must take a turn with the money.
Q: What happens if someone in the group stops making payments?
A: eMoneyPool offers payment protection and will step in for that missing person.
Q: What happens if I stop making payments?
A: eMoneyPool would consider this a default and the balance due will be owed immediately. If payment arrangements are not made within 30 days, they will send the account to collections.
Resident of Watsonville, CA (South County Resident), be between the ages of 18-25 years old, be able to commit to monthly group meetings, provide proof of employment or income, have or open a bank account, and have a social security number or ITIN.