Since 2020, Commonwealth has explored the most promising pathways for Americans living on low to moderate incomes (LMI) to build wealth. One of these pathways, building and maintaining strong credit, is integral to financial security and opportunity. However, the credit-building process is inaccessible to and misunderstood by many Americans. 

Beginning in 2020, Commonwealth partnered with LOQBOX, a fintech organization focused on building its customers’ credit, to better understand these challenges and opportunities. Our initial research investigated both the link between credit and wealth building, and how that connection is viewed by Americans living on LMI. We then identified potential improvements to how such families can build credit, including what makes an effective credit-building tool for them. With these findings, fintechs and other credit-building organizations may better serve the needs of people living on LMI who want to build their credit as a pathway to building wealth.

Read our brief to learn more.

This report is made possible thanks to the generous support of MetLife Foundation.