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Foreign Students with a Thin Credit History Now Have Options

International students in the U.S. without Social Security Number or credit history requirements have a daunting task finding financing. 

However, Chicago-based Westbon has recently partnered up with Experian, one of the three major credit bureaus in the nation, to increase credit-building opportunities for international students in the U.S.

By reporting on-time payments to Experian on a monthly basis, Westbon is able to help the underbanked group of students establish credit history and improve credit scores.

The partnership with Experian was driven by the core of Westbon’s mission: constantly benefitting the international community and easing their transition into the American society.

Experian has enabled Westbon to connect the international students to the current credit system and to widen their access to credit-establishing opportunities. By taking out an auto loan or a personal loan, international students are now able to build credit through getting the cars they want, buying electronics for school, purchasing an air ticket, paying for exchange programs, or financing other large purchases.

Having a decent credit score in the United States is essential. It reflects the individual’s creditworthiness and tightly influences other parts of life: the eligibility for credit cards with an ideal rewards program, the desired apartment at a convenient location, and even the amount of utility deposits required to pay up front.

Depending on the offered condition, a good credit score could mean hundreds and even thousands of dollars saved for the student.

Westbon takes on a merit-based approach to underwrite loan applications by evaluating one’s academic performance, financial status and experience.

The auto and personal loans are structured as credit builders that offer affordable interest rates and zero hidden fees. They are installment loans for specific amounts with self-selected repayment periods. Catering to individual financial ability, no down payment is necessary for personal loans, and only 30% is required for auto loans.


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