MIDATACRÉDITO:

The challenge

• Some people applying for loans in Colombia do so through unregulated channels. Risks of taking out informal loans include high interest rates and punitive payment terms.
• Thin credit histories and overindebtedness can make it harder to access mainstream loans at fair and affordable rates.

Our solution

Our financial coaching app, Midatacrédito, helps people take control of their finances, tackle unmanageable debts and improve their credit history.

The app provides personalised advice and day-to-day support to understand and manage savings, personal expenses and credit scores. It connects users with banks and other organisations to help them easily negotiate and repay their debts – and it enables them to search for offers of financial products tailored specifically to their credit profile.

We held three Midatacrédito fairs to help launch the app. Experian volunteers ran financial education sessions and we connected consumers with credit providers to help them get up to date with their debts. Influencers, including former economic news anchor Sol Suarez, helped us amplify our reach.

Impact

• Over 600,000 people signed up to the Midatacrédito app in its first month