First ever program launched to help Northlanders build credit scores

By KBJR News 1

April 2, 2014 Updated Apr 2, 2014 at 10:09 PM CDT

Duluth, MN (NNCNOW.com) --- Whether you're in debt, looking for a loan, or just trying to build your credit score, a new program launched today in the Northland will help you do just that.

The new Credit Builder Program, launched Wednesday at Park State Bank in Duluth, is designed to help consumers build credit for the first time or improve damaged credit scores.

The program also helps Northlanders build-up a savings account by taking out a loan that is repaid in monthly installments.

The full loan amount goes into an interest-bearing deposit account held at the bank, and when payments are complete the customer's credit score should be improved and they will also walk away with more money due to accrued interest.

Dale Lewis, president of Park State Bank and founder of the program, says there has been a need in the community to raise damaged credit scores.

"I've been reading about this in the New York Times and Wall Street Journal lately about credit scores and how it's been a hindrance for people to get back in the game after they've been knocked down, beat-up a little by the economy. This is a timely service to be offering. It's a simple, easy way to get your score back to where it belongs," said Lewis.

It's an opportunity to save money while building credit.

Lewis says the program is ideal for anyone with a credit score in the low 600s or no credit score at all.

Elsa Robins