Angel Rich is a black woman who wants to teach you how to build wealth—and she just made history. Rich is the first black american woman to secure an institutional partnership with one of the three big credit bureaus. Her startup company, The Wealth Factory, partnered with singer and actress Naturi Naughton, along with credit report agency Experian, to launch the artificial intelligence fintech app called CreditRich.
Rich developed the app to help millennials transform how their ideas on financial literacy by offering assistance and education on the subject.
With CreditRich, users can round up their spare change and use it to pay their bills and quickly optimize their credit score. It receives credit data from Experian and uses it to help the user find the most efficient way to make the most of their financial potential through credit.
How to Increase Your Score For Wealth
Rich has previously developed a plethora of financial products and programs, but this one is considerably different considering the major partnerships she was able to land this time around. There’s no doubt at all about the brilliance of Angel Rich given that Forbes has aptly named her “The Next Steve Jobs.”
And much like the late Apple founder, Rich has a mission that is much bigger than herself. In fact, it could completely overhaul the way millennials deal with finances; and it involves utilizing the positive potential of your credit score.
According to Rich, combining credit management, intelligent bill pay, and financial literacy into a smartphone app was a no brainer because it makes increasing your credit score much faster and easier.
Like many other black men and women, this is something Rich would have benefited from after college. She revealed that she graduated with $180,000 of debt, and it took her a relatively long time to finish paying it off. Because of this experience, she now aims to keep other people from facing similar challenges, or succumbing to the battle they’re currently in.
Her reach, however, far exceeds the work she is doing with the app. Rich is also currently serving as DC Financial Literacy Council’s vice-chair, and has recently drafted a bill to make financial literacy mandatory in schools. She wants people to understand the main financial principles so that they can use them to change the trajectory of their future.
Rich’s partner for The Wealth Factory, Naturi Naughton, is the team’s Chief Branding Officer. The lead actress in the TV series Power believes that CreditRich is a game-changing app for building wealth.
She came to know the ins and outs of financial literacy a little late in the game, but ultimately feels like the knowledge is worth taking in—no matter where you are with your finances. And for black millenials, this app could put them ahead of the curve.
When asked about what it takes to build wealth and be financially literate, Naughton said, “you have to be strategic. You have to be patient.”
The App We Need
The CreditRich app places an emphasis on bill payments to ensure that its users get the best possible grades within the payment history category of their credit score.
It was created with an algorithm that uses data to make predictions or perform classifications. This is helpful because it means the app will be able to look at your regular habits and previous choices to predict your future behavior and probable credit choices.
These insights ultimately give users the most efficient way to use their credit score to become wealthy. While this app will be particularly helpful to young adults just getting started in life, CreditRich isn’t just for them; it helps everyone who wants to improve their financial future.