Pandemic Difficulties Boost Demand for Credit Monitoring, Advice and Repair – Tearsheet
When Nirit Rubenstein first met Tedis Baboumian, they immediately formed a friendship about their common experiences as immigrants and military veterans. Both had families who had struggled financially upon arriving in the United States. This struggle was further amplified by the difficulty of obtaining loans.
“We have seen first-hand how the lack of access to credit has had a serious impact on our lives. Our parents couldn’t even rent an apartment, ”said Rubenstein.
In 2018, Rubenstein and Baboumian launched Dovly, a credit repair service that offers credit monitoring and ways to improve a credit score.
Consumer credit scores can dictate quality of life. Bad credit equates to lost economic opportunities for mortgages, loans, retirement, rent, insurance, and employment. Higher credit scores, on the other hand, can open avenues for financial security and well-being.
Dovly helps consumers rectify their credit rating. Its services are powered by an algorithm that optimizes credit score corrections. The Phoenix-based company also provides electronic communication with credit bureaus and 24/7 automated credit enhancement assistance.
Although still in its early stages, the startup has grown since its initial launch in 2018. The platform is distributed through channel partners who sell Dovly’s services and can be used by businesses using credit-based decisions in their interactions with customers. In 2019, Dovly partnered with Chime Bank and, within a year, expanded to include more than 10 distribution partners. In June, Dovly raised $ 2.25 million in seed funding led by venture capital firm NFX.
“Dovly’s mission is to empower everyone to grow financially. We seek to level the playing field by making our services affordable and accessible to all who need them, ”said Rubenstein. “92% of our users improve their score by 54 points on average in less than 6 months. Some users increased their scores by more than 100 points, opening the door to financial products that were never available to them before. “
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