Uellbee Launches New Product to Boost Credit History

Mexican fintech firm Uellbee has announced a new product aimed at helping Mexicans improve their credit history, a key factor in securing mortgage loans.

The Challenge of Homeownership in Mexico

Many Mexicans aspire to own a home, but often find it challenging to secure the necessary mortgage loans. Beyond proving a steady income, a good credit history is also required. According to the National Financial Inclusion Survey by INEGI, 36% of Mexicans lack access to credit due to poor ratings in the credit bureau. Reasons for this include over-indebtedness, lack of personal finance management tools, and economic issues stemming from the COVID crisis. Even after recovering from a financial shock, such as COVID, any defaults on payments can tarnish a credit history for a significant period.

Uellbee’s Solution: Energize your Bureau

In response to these challenges, Uellbee co-founder Juan Carlos Espinosa announced a new product called “Energiza tu Buró”. Through a monthly membership, Uellbee customers can gain access to a personalized program designed to improve their credit history with a loan tailored to their repayment capacity, in addition to personalized advice.

Explaining the concept, fellow Uellbee co-founder Mario Gamboa referred to it as a “credit builder” product. Customers commit to a monthly loan repayment, which is held as a guarantee by a regulated financial institution. As customers make their regular payments, their credit history in the bureau improves.

Broadening Uellbee’s Offering

This new product joins Uellbee’s existing tools, such as its Financial GPS, which helps customers better understand their financial situation, and personal loans for managing finances. Uellbee’s partnership with a digital stock brokerage will also soon enable the company to offer savings and investment options to its customers. This is part of Uellbee’s planned evolution into a “neobank” that comprehensively supports the financial health of Mexicans, according to Francisco Meré, another co-founder of Uellbee.