What is the name of your organization?
FinEquity
What is the name of your solution?
finEQUITY
Provide a one-line summary or tagline for your solution.
We provide free pathways to building credit, savings, and capital for community members released from prison to unlock housing, employment, transportation, and affordable rates.
In what city, town, or region is your solution team headquartered?
Brooklyn, NY
In what country is your solution team headquartered?
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What type of organization is your solution team?
Nonprofit
Film your elevator pitch.
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What specific problem are you solving?
Incarceration severely damages credit and financial stability. Each year, over 650,000 people are released from U.S. prisons, many without a credit history. Without credit, returning citizens struggle to access safe financial products, housing, and employment, reentering society financially invisible and facing significant barriers to long-term economic mobility.
What is your solution?
finEQUITY has launched two programs: an in-prison education program and a credit-building loan program. These services aim to bridge the gap between the racial wealth divide, providing community members with both a recent credit history and the financial know-how to sustain a good credit reputation.
We help the formerly incarcerated attain a visible credit score so that they can acquire better outcomes as they search for housing, employment, and affordable rates on cars, phones, and utilities. We provide community members with digital orientations on how credit impacts them after release from prison, using credible messengers (formerly incarcerated members who have been home and successfully navigated credit and capital issues). Following the digital orientations, we provide a free credit building opportunity designed to ensure our participants have both a visible credit score and at least seven months of positive information on their credit report.
Who does your solution serve, and in what ways will the solution impact their lives?
Our credit builder loan is designed for returning community members with no or limited credit history. Our educational offerings support formerly incarcerated individuals navigating credit, credit cards, and debt. Current users earn between $5,000 and $45,000 annually, and more than 60% are underemployed or experience intermittent unemployment. We gather insight through quarterly community feedback sessions and center lived experience to ensure our services are relatable, credible, and easy to use. Our digital credit education is voiced and co-written by formerly incarcerated community members. Our governance board is entirely formerly incarcerated, and our implementation team blends technology and financial inclusion expertise with lived experience. All current enrollees are on track to obtain a visible credit score and at least seven months of positive credit history, expanding access to employment and long-term wealth-building.
