When you take a loan from MPOWER, you invest in your education and gain financial independence! 

MPOWER reports repayment activity to major U.S. credit bureaus such as Equifax and TransUnion. You can improve your credit score by following these simple steps:

1. Make Timely Payments: Always make your loan payments on or before the due date. Timely payments are crucial for boosting your credit score as your payment history significantly impacts your credit rating.

2. Utilize Auto-Pay: Enroll in MPOWER’s auto-pay service to ensure you never miss a payment. Auto-pay can help you avoid late payments and the associated negative impact on your credit score. Learn how to set up automatic payments on your account here!

3. Pay More Than the Minimum: If possible, pay more than the minimum monthly amount. This will help reduce your loan balance faster and demonstrate financial responsibility.

4. Monitor Your Credit Report: Periodically review your credit report for any errors or discrepancies. Dispute any inaccuracies that could negatively affect your credit score.

5. Maintain Long-Term Consistency: Consistent and responsible financial behavior improves your credit score over time. Continuously making timely payments on your MPOWER loan will build a positive credit history.

6. Maintain Low Credit Utilization: Keep your credit utilization ratio low if you have credit cards or other loans. Aim to use at most 30% of your available credit.

7. Use Financial Resources: Take advantage of MPOWER’s financial literacy resources. Educating yourself about credit management can help you make informed decisions that positively impact your credit score.

8. Limit New Credit Applications: Try to avoid taking on new debts while repaying your MPOWER loan. Each new credit inquiry can have a temporary negative effect on your credit score.

Check out this video for more information!