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Regions Bank Introduces More Credit-Building Solutions to Customers via Self Financial

2023-11-07 22:21
BIRMINGHAM, Ala. & AUSTIN, Texas--(BUSINESS WIRE)--Nov 7, 2023--
Regions Bank Introduces More Credit-Building Solutions to Customers via Self Financial

BIRMINGHAM, Ala. & AUSTIN, Texas--(BUSINESS WIRE)--Nov 7, 2023--

Regions Bank and Self Financial, Inc. on Tuesday announced a collaboration designed to help Regions’ Consumer Banking customers further build their credit report files and, over time, improve their financial health.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231107783223/en/

Regions Bank and Self Financial announced a collaboration designed to help Regions’ Consumer Banking customers further build their credit report files. (Photo: Business Wire)

Specifically, Regions will introduce its Consumer Banking customers to the option of leveraging Self’s credit-building service to have their rent, cell phone and utility payments reported to the three major credit bureaus – which helps create a more complete picture of consumers’ financial habits. This, in turn, gives people an opportunity to further establish their credit without having to take on new debt, such as credit cards or loans.

“Every day, Regions customers receive financial advice and guidance from our bankers, who care deeply about helping people achieve the goals that matter most to them,” said Kate Danella, head of Regions’ Consumer Banking Group.

“This collaboration between Regions and Self is another tremendous step forward in empowering customers through a more comprehensive view of their financial health,” Danella added. “It also complements the personalized Regions Greenprint ® financial plans our bankers help customers create, giving them a clear roadmap toward building credit and achieving other financial goals.”

“We were drawn to work with Regions because of our shared commitment to working toward financial inclusion,” said Chris LaConte, chief strategy officer at Self Financial. “Working with Regions enables us to support more consumers who either are new to establishing credit, or they’re in need of solutions that reflect how they’re already responsibly managing bills and other payments.

“For example, there are millions of Americans who rent their homes, but many aren’t recognized by the credit bureaus for successfully making those payments,” LaConte added. “Self addresses this problem by enabling consumers to have their payment histories taken into account so they can get the credit they deserve.”

Self’s rent and utility payment reporting service, which is available for a $6.95 monthly fee, complements a range of Regions Bank services designed to support greater financial health among consumers. Those services include:

For more information about how Regions customers can benefit from Self, visit Regions.com/Self.

​​​​ About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $154 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

About Self Financial
Self Financial is a credit-building platform working to increase economic inclusion and financial resilience through products that make building credit accessible. With no hard credit check to get started, Self's signature Credit Builder Account and secured Self Visa® Credit Card issued by its partner banks are designed to enable people to build credit and savings simultaneously. The company also offers rent and utility payment reporting. Download the Self app at the Apple App Store (245,000+ reviews and an average 4.9 rating) or Google Play or visit Self.inc for more information.

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Regions’ records show customers with credit scores under 620 see their scores increase by an average of 49 points in the 12 months after opening a Regions Explore Visa®, and an average of 58 points in the 12 months after opening a Deposit Secured Loan.

View source version on businesswire.com:https://www.businesswire.com/news/home/20231107783223/en/

CONTACT: Media Contacts:

Jeremy D. King

Regions Bank

jeremyd.king@regions.comAllee B. Sack

Self Financial

allee.bennett@self.inc

KEYWORD: UNITED STATES NORTH AMERICA TEXAS ALABAMA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES FINANCE ASSET MANAGEMENT BANKING PERSONAL FINANCE

SOURCE: Regions Financial Corporation

Copyright Business Wire 2023.

PUB: 11/07/2023 09:00 AM/DISC: 11/07/2023 09:01 AM

http://www.businesswire.com/news/home/20231107783223/en