Grameen America, a newly formed New York-based microfinance company, and Experian, a global information services company, today announced the two companies have established a unique data reporting relationship to support Grameen America's business.
Grameen America has been established in the United States with a mission to provide loans and savings programs and other services to foster entrepreneurship among the "unbanked". The company is beginning operations with a pilot program in Queens, New York which will provide small, low cost entrepreneurship loans to low income borrowers who historically have not had access to loans, in part due to their lack of established credit files. The company's loans and other services will be directed at benefiting women and immigrant populations.
To continue the development of sustainable financial opportunities for Grameen America's customers, Experian has provided the mechanism to report the repayment history of its loans. This reporting will enable Grameen America's borrowers to establish their credit files and will provide the foundation for building the borrowers' credit scores allowing access to financial services previously not available.
"Establishing credit is a vital step in building the foundation for an individual's financial health, long-term success and stability," said Philip J. Philliou, CEO of Grameen America. "All of us at Grameen America thank Experian for recognizing this and providing the mechanism for our borrowers to report their loan data and acknowledging their efforts."
"We are proud to be a strategic partner with Grameen America and believe its pioneering work in the U.S. will improve lives," said Zaydoon H. Munir, senior vice president, Marketing, Product and Data Development for Experian. "Enabling borrowers to access the financial mainstream for the first time by establishing a credit file with their positive payment history paves the way for future opportunities."