Posted by William Charles on June 29, 2018
Credit Scores

Published on June 29th, 2018 | by William Charles


Pinch Rent Shut Down Effective Immediately (Credit Score Builder)

Last month we shared a new way to improve your credit score called ‘Pinch‘. The service claimed that they were able to improve users credit scores by having rent payments recorded on your credit report as an installment loan. This helps people without an installment loan (car loan/mortgage normally) as 10% of your FICO score is based on your credit mix. FICO & other score issuers like to see a mix of both installment and revolving loans (credit cards). When I first saw it I was a bit surprised that they’d be allowed to report rental payments as an installment loan, because they aren’t really one and the credit bureaus themselves have tried more or less unsuccessfully to collect rental data in the past (e.g TransUnion’s MySmartMove).

It looks like this was the case as Pinch has sent out the following e-mail to users (emphasis mine):

Thank you for sharing your documents and trusting us to report your rental payments.

It is with sincere regret that we inform you that Pinch will be permanently shutting down.

As of now, the credit bureaus will no longer accept the information you shared with us.

We are proud that while Pinch was operating, we were able to report most of our active customers’ rental payments to the credit bureaus. We feel passionately that your strong rental history should be reflected on your credit report and are very disappointed that we weren’t able to provide this service for you. We have deep gratitude for your trust and support, and sincerely apologize that we weren’t able to pull through.

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Seems sketchy AF.
Were any DoC readers brave enough to sign up for this in the first place?

I wouldn’t call it “brave”..

About as sketch as handing over your banking account login info to Dash, etc. (oops… that was a mis-timed slip.. I meant Dosh, not dash…. they would never do that with your money or your data) hahaha

Seriously. Really starting to question people with the profileration of apps that require you login information

Sometime next “month”

It was all “smoke and mirror” to start with and even now they are doing the same.
Creature of habit I guess.

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Information Booth

Wonder what they were actually planning to do with the data? John 3:16

you think they were planning to sacrifice Jesus with the data?

It sure sounds more like “thanks for giving us your sensitive info, suckers! Ktnxbye!”

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