Product Overview of Credit Sesame
Credit Sesame is a comprehensive personal financial management tool designed to assist users in managing their monetary liabilities, improving their credit health, and achieving overall financial wellness.
What Credit Sesame Does
Credit Sesame specializes in tracking and monitoring users’ financial debts, providing credit score monitoring, and offering personalized recommendations to help users manage and reduce their debt. The platform pulls financial information from various sources into a single location, allowing users to track their financial standing and make informed decisions based on their entire financial outlook.
Key Features and Functionality
Free Credit Monitoring
Credit Sesame offers free credit monitoring, including daily credit score refreshes and notifications of changes to the user’s credit file. However, the free version only pulls credit reports from TransUnion; for monitoring from all three major credit bureaus, users need to upgrade to the premium subscription.
Credit Score and Report Analysis
The platform provides a detailed breakdown of the factors influencing the user’s credit score, such as payment history, credit utilization, credit age, and credit mix. It assigns a letter grade for each credit factor, making it easier for users to understand which parts of their credit profile need improvement.
Credit Building Tools
Credit Sesame introduces the Sesame Cash credit builder service, which allows users to build credit through their everyday debit card purchases. Here’s how it works:
- Users allocate a portion of their Sesame Cash funds to credit building.
- A virtual secured credit card is created, and the debit card purchases are reported as positive payments to the three major credit bureaus.
- This helps establish a positive payment history and can significantly improve the user’s credit score, especially for those with thin credit files.
Identity Theft Protection
Credit Sesame offers robust identity theft protection, including up to $1 million in identity theft insurance and 24/7 access to identity restoration specialists. Users receive alerts for changes in their personal information and can monitor sensitive data for signs of fraud or misuse.
Financial Management and Recommendations
The platform provides a comprehensive dashboard that gives users an overview of their credit health and financial situation. It includes sections for credit score, credit report card, credit monitoring, and personalized recommendations. Users receive tailored suggestions on how to improve their credit score, manage debt, and save money, including offers for credit cards, loans, or refinancing that match their needs and goals.
Additional Features
- Credit Simulator: Allows users to see how different actions and scenarios can affect their credit score, helping them plan ahead and make smart decisions.
- Rent Reporting: Reports monthly rent payments to the credit bureaus to build payment history, though this service does not include reporting to Experian.
- Sesame Cash Account: A free online bank account with a Mastercard debit card that rewards users with cash back and offers no fees, no minimum balance, and no credit check. Users can link other bank accounts and credit cards to see their entire financial picture in one place.
Revenue Model
Credit Sesame generates revenue primarily through product referral fees. When users complete offers such as signing up for new credit cards or initiating loans, Credit Sesame receives a referral bonus. Additionally, the platform earns revenue from premium subscriptions and the Sesame Cash credit builder service.
In summary, Credit Sesame is a powerful tool for managing and improving credit health, offering a range of free and premium services that cater to various financial needs and goals. Its innovative credit builder tools, comprehensive financial management features, and robust identity theft protection make it a valuable resource for achieving financial wellness.