ReadyForZero launches new credit score monitoring tool

Faith Merino · August 13, 2013 · Short URL: https://vator.tv/n/314e

ReadyForZero PLUS users can now monitor their credit score while they manage their debt

The recession is officially over and the housing and construction markets are finally picking up, but many of us are still feeling the effects of recession cooking (all that bow-tie pasta that has settled in a carb-pouch around your middle) and recession spending (where you put everything on your card until your next pay day). Only, it turns out, when you put everything on your card and only pay the minimum amount each month, your credit score suffers.   

But if you don’t know this and you don’t check your credit score regularly, there’s a good chance you won’t find out until you go to buy a house or take out some other loan. To avoid feeling like a total goober in front of your hot male realtor who’s really into Crossfit, you can now keep tabs on your credit score with ReadyForZero’s new credit score monitoring tool.

Credit score monitoring will now be available via ReadyForZero’s premium service and will allow users to track their VantageScore 3 credit score and set up recurring payments to financial accounts on the Web or via their mobile device. The service does not negatively impact users’ credit scores and is updated every 30 days. It will also notify users of any changes to their scores.

In addition to the new credit score monitoring tool, ReadyForZero is launching a new Credit Score Resource Center to educate users on how their credit score impacts their financial goals.

ReadyForZero’s premium service is $4.99 a month, and while CEO Rod Ebrahimi said the company is not disclosing user numbers at the moment, he said the important thing is that it works. “$75 million in debt has been paid down,” he said, adding: “We've seen it work well for all types of borrowers and essentially anyone with debt.”

Americans are now saddled with $11.16 trillion in debt. The average U.S. household owes $7,100 in credit card debt, $148,000 in mortgage debt, and $32,000 in student loan debt. All those zeroes are enough to wake you up in a cold sweat in the middle of the night.

In a controlled six-month study, ReadyForZero users were 20% less likely to be delinquent than the control group.

“By adding the ability to track your credit score, we can now provide a truly complete financial picture,” said Ebrahimi. “Everything you need, all in one place and an industry first. No other service provides as actionable an interface to customers directly.” 

 

Read more from our "Trends and news" series

More episodes

Related Companies, Investors, and Entrepreneurs

ReadyForZero

Startup/Business

Joined Vator on

ReadyForZero is a San Francisco based technology company that creates easy-to-use online financial products dedicated to helping people reduce debt faster and build wealth sooner on their own. To date, the ReadyForZero program has helped Americans pay down over $25 million.