Giving Credit and HFLA

The Hebrew Free Loan Association of Pittsburgh is thrilled to partner with Giving Credit, a mission-aligned start-up that expands access to mainstream credit by creating an alternative credit reporting system. This system reflects peer-to-peer and family lending and other forms of community finance that are invisible to the traditional credit reporting system. 90% of low to moderate income people engage in community finance, but because this form of lending isn’t captured anywhere, it doesn’t help them build their traditional credit.

Giving Credit has created a system where people engaged in peer-to-peer lending as well as mission driven organizations making loans can report data to Giving Credit, allowing individuals to build character-based credit reports. Hear more in the video below:

HFLA Pittsburgh and Giving Credit are partnering to provide a credit-building option for HFLA borrowers and applicants through both HFLA’s interest-free loans and peer lending.

Here’s how it works:

Data Reporting

HFLA borrowers who opt in and join Giving Credit will have their interest-free loans from HFLA reported to Giving Credit for inclusion on the Giving Credit Report.

Offers/Referrals

HFLA will be listed in the offers section of the Giving Credit application. HFLA will refer people to Giving Credit whether they have a loan with HFLA or not.

Giving Credit Report

HFLA will be granted access to the Giving Credit partner portal and will pull the reports to use for underwriting of Hebrew Free Loan Association interest-free loans.

As enrollment in Giving Credit grows, HFLA will use the Giving Credit Reports as an extra informational piece in our underwriting (in addition to our use of the traditional credit reports from Experian Credit Bureau). We hope that as the usage of Giving Credit expands, there will be a stronger foundation for traditional lenders to consider the Giving Credit Report for their underwriting, thereby increasing opportunities and access to credit for people who are currently marginalized by the primary credit bureaus and FICO scores.

We are excited to be the first interest-free lender from Pennsylvania and Jewish/Hebrew Free Loans to support this exciting mission-aligned start-up effort!

HFLA Provides Free Loans For:

School/College Tuition
Car Purchase/Repair
Home Improvement/Repair
Medical/Dental Expenses
Job Training
Wedding/Funeral Expenses
Credit Card Debt
Adoption/Fertility Expenses
Summer Camp
Small Business
Legal Fees
Bar/Bat Mitzvahs
and more!