BRIDGEPORT, Conn.—April 30, 2022—StellarFi, a public benefit corporation, today received recognition by City of Bridgeport Mayor Joe Gamin with a commemorative decree declaring April 30 to be Stellar Credit Day. The decree was made at a community-wide event to highlight the Financial Finesse: Building Your Economic Legacy program StellarFi hosted in partnership with the Alpha Kappa Alpha Sorority Theta Omega Chapter.
StellarFi, which plans to publicly launch in June, is on a mission to disrupt the U.S. poverty cycle by opening access to credit to the 132 million Americans who currently have poor credit or no credit. The company empowers users to dramatically increase their credit scores using their everyday bills and payments such as rent and utilities, which StellarFi reports directly to the three main credit bureaus to help people build positive credit.
Financial Finesse is intended to give citizens the support, resources and community needed to build a healthy relationship with money. The Financial Literacy event and commemorative decree recognized the importance of gaining and retaining financial health.
Bridgeport, Connecticut ranks No.1 among cities nationwide that have the most people saddled with five-figure credit card debt. One quarter of Bridgeport’s population struggles with more than $10,000 in credit card debt. Stellar Credit Day educated community members how they may eliminate financial burdens by improving financial literacy.
The BIPOC community historically has been at a disadvantage when it comes to financial wellness and credit building. According to data from creditcards.com, 46% of residents in majority Native American communities, 45% in majority Black American communities and 32% in majority Latino communities had subprime credit scores in October 2020.
“Disproportionately, people of color are negatively affected by the system,” said Lamine Zarrad, StellarFi founder and CEO, who is a former U.S. Treasury Department bank examiner. “Our platform launch, set for this summer, is available to everyone, but underserved communities will benefit most in terms of gaining access to financial literacy and capital. Anyone who pays bills can benefit from on-time bill paying and credit-building. Not having good credit is particularly detrimental to women of color, especially single mothers who have similar expenses to men but are paid less. We’re glad to be partnering with the Alpha Kappa Alpha Sorority Theta Omega Chapter on this initiative. We will continue to push initiatives where we provide financial support and education to underserved community members on the road ahead.”
StellarFi kicked off its brand launch with a “Get Your Bills Paid with Stellar!” Sweepstakes, which wrapped on April 30, to help people pay for their bills. Winners will be announced on May 5. The grand prize winner will receive a $10,000 credit toward bills paid on Stellar and a free year’s subscription to StellarFi. Second prize winners will receive $500 credit toward bills paid on StellarFi and a free six-month subscription to StellarFi. Third prize winners will receive a $100 credit toward bills paid on StellarFi and a free six-month subscription to StellarFi. Sweepstakes prizes total nearly $70,000.
StellarFi also partners with Stellar Credit Day keynote speaker Stacey Tisdale, who also is a StellarFi founding partner, and Angela Yee on initiatives including sharing financial literacy best practices through their digital finance empowerment program “Wealth Wednesdays.”