Many companies today are helping workers with money matters. They offer tools for saving, budgeting, and planning for retirement. But there’s a big piece that’s often missing: credit health.
Good credit is really important. Without it, people may struggle to rent a home, get a car loan, or even buy basic things. Bad or no credit can make life harder — and that stress can carry over into work.
Why credit matters
A credit score is a number that shows how well someone handles money and pays bills. A good score can help people:
Rent a home without a big deposit
Get better interest rates on car loans and credit cards
Pay less for car or renters’ insurance
But millions of people in the U.S. don’t have a credit score at all or have scores too low to help them.
Without credit, it’s harder to move forward in life. And when employees are stressed about money, they may miss work more often or feel less focused and motivated.
How credit-building helps
Most financial wellness programs talk about saving or budgeting. But many skip the step of building credit. That’s a big mistake. Building credit isn’t about taking on more debt. It’s about:
Making regular payments
Starting a credit file if someone doesn’t have one
Helping people get access to better financial tools
One smart way to do this is by reporting rent payments to credit bureaus. People who join rent-reporting programs can see their credit scores go up, especially when they have thin or non-existing credit files. And when they get credit-building education, plus additional tools, the results can be even better.
According to the Urban Institute, individuals who participate in rent-reporting programs can experience improvements in their credit scores, especially those with lower initial scores. Additionally, programs that combine education with actionable tools, such as rent reporting or builder loans, can be more effective than education alone.
Credit-building is good for business
Helping workers build credit can also help your company. You might see:
Reduced turnover
Fewer missed days
More employee focus and engagement
That kind of loyalty isn’t bought — it’s built with smart benefits.
How Chime can help
Chime WorkplaceTM gives your team simple tools to start building credit. With Chime, employees can use their everyday spending to grow their credit. It’s easy and safe — and it really works. You can even track how credit scores improve over time with our dashboard.
Chime uniquely offers financial wellness tools like credit building, high yield savings and earned wage access — all in one place. These tools can help your employees save money, build their credit, and achieve lasting financial progress.
Imagine how proud your team will feel if their credit scores go up and they can reach their goals!
Want to learn more?
Schedule a demo today to see how Chime can help your employees build better credit — and a better life.
