Perch allows you to use your existing recurring expenses such as rent, Hulu and Spotify as credit worthy data to boost your credit score. ⠀ Now available on the iOS App Store!
Hello, first of all congrats on the launch.
I have a couple of questions:
1. What happens if you make a late payment on a service?
2. What are the payment methods available?
3. Do you create a virtual credit card or just have an agreement with Credit Bureaus?
Again, amazing product.
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@pablo_dlm I am wondering the same questions, maybe @michael_broughton_perch can elaborate!
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Perch CreditMaker
@pablo_dlm @michaelyonke Great questions! When you make a late payment, the service locks until the payment is made. This keeps us from using collections to ding your credit (which is against our entire business!
Payments are done through a direct connection to your bank (ACH).
Both! Rent is done through a direct connection while subscriptions is done through a virtual card.
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@pablo_dlm @michael_broughton_perch Thanks for letting us know! I still don't quite understand how a company could report past expenses like Netflix as paying off a loan/good credit to the bureaus....? It seems a little sketchy to me haha, but maybe you can ease my mind?
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Perch CreditMaker
Hi, Product Hunters!
I’m Michael, the founder of Perch Credit.
I made Perch Credit to remove the barriers to achieving a good credit score, which is necessary to be financially secure.
The problem with the current credit worthiness system is that you need to make huge purchases to prove that you can make huge purchases! Yet, although most of us rarely make huge purchases, we are still proving our credit worthiness every month — through rent payments and recurring subscriptions (like Netflix, Spotify, Hulu, etc)!
Y’know how when you apply for an entry level position and they require 10 years of experience? Why is credit worthiness the same? If that’s stupid in employment, why is it valid in the credit card application process?
And so, with Perch you can build credit with:
Rent payments: get credit for up to 24 months of your previous on-time rent payments. And then set up automatic future reporting with Perch to continually improve your score.
Subscriptions: if you already pay for services like Netflix, Spotify, Amazon Prime, or subscription boxes, you can be rewarded for demonstrating that you’re financially responsible.
Perch launched in the iOS App Store right at the start of 2021 and we already have over 25,000 people on our waitlist. Over time we’ve invited small batches of new users into the app from our waitlist — and have been blown away by the response.
One of our biggest fans — and our first check! — is Jay Z, someone who cares deeply about bringing financial literacy to the underbanked and financially underserved community.
Bad credit could cost you double. Compared to a credit score of at least 800, a poor credit score under 579 results in an extra $1400 per year of just car insurance. APR rates are higher the lower your credit score is, too. So save your money and start building your credit with Perch! We even made a special invite just for our fellow Product Hunters.
🌐 GetPerch.app
📷 Instagram
📌 Facebook
🗯 Twitter
🗞 Medium
One of our biggest fans — and our first check! — is Jay Z, someone who cares deeply about bringing financial literacy to the underbanked and financially underserved community.
Bad credit could cost you double. Compared to a credit score of at least 800, a poor credit score under 579 results in an extra $1400 per year of just car insurance. APR rates are higher the lower your credit score is, too. So save your money and start building your credit with Perch! We even made a special invite just for our fellow Product Hunters.
🌐 GetPerch.app
📷 Instagram
📌 Facebook
🗯 Twitter
🗞 MediumReport
RaycastHunter
I worked closely with @michael_broughton_perch and his team on this launch and was super impressed by their talent, responsiveness, enthusiasm and motivation.
Perch is addressing a critical hole in the marketplace — helping people prove their creditworthiness by helping them get credit for their recurring small to mid-sized, transactions (Netflix subs, rent, etc).
As the market moves towards flexibility and away from the lock-in of the ownership society, Perch is well positioned to help a generation demonstrate their responsibility in a way that makes sense in the 21st century!
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@michael_broughton_perch @chrismessina Thanks for the kind words, Chris! We appreciate the support!
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Perch CreditMaker
@chrismessina @mariammatta Couldn't have said it better than Mariam. It was exciting from day one!
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Hey ?makers does it work in india?
When is android app getting released?
I would suggest flutter that lets you build app for both android and iOS using a single codebase.(I do that for a living :) )
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Perch CreditMaker
@prasadsunny1 Hey Sunny! We actually have built out this app using flutter. We will be releasing the android version of this app shortly!
Also to answer your first question - we are currently US Based. We will be working to expand our reach as we continue to grow :)
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@michael_broughton_perch Flutter is amazing
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SivoGreat product @michael_broughton_perch !
Are you reporting to all 3 big US credit bureaus? Do rental payment reports affect FICO or an alternative score?
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Perch CreditMaker
@vincent_lucero1 Hey Vincent!
We report rent payments to all 3 bureaus, and we report subscription data to Equifax (all 3 soon!). Both Rent and subscriptions affect your FICO score, which is the score that lenders use to determine your credit report and creditworthiness :)
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Having been a part of one of Perch's early cohorts, I can confidently say that this app is a must-have for everyone! I'm a 3rd year at UC Berkeley and after taking a personal finance class out of curiosity, I realized the importance of building credit—and how crucial it is to start doing so early. But after skimming some articles about how to build credit, I still felt like so many of the recommended ways were completely out of reach—until I discovered Perch! Now, the payments for Spotify, Netflix, iCloud storage, and rent on my monthly statements have taken on a new meaning; they're not just transactions cutting down on my finances, but rather opportunities to build a better financial future. Perch definitely lets you see your payments in a new light, and I'm excited to keep using the app!
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Perch CreditMaker
@rachael_deng Hey Rachael,
Really love your comment here. I faced this same problem when starting my credit journey in college. There is no clear way to start building credit and our mission is to help create a clear, free and simple path to begin! I love that you have found value in our product and that it has truly helped make a difference in your life. :)
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Easy to navigate, simple to use! Definitely a necessary application needed in the fintech space, especially as a college student who is trying to always save money and build up credit.
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Perch CreditMaker
@vicky_chang Thanks Vicky! I am glad you love the product as well :) It's nothing but validation to hear that you feel that this product is necessary. We believe so too and hope to solve the credit crisis so many people face!
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