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Recent Renewal Logs
5-8-2012 5:56:00 PM
Criminals who file fraudulent tax returns by stealing people's identities could rake in an estimated $26 billion over the next five years because the IRS cannot keep up with the amount of the fraud, Treasury Inspector General J. Russell George said Tuesday.
4-26-2017 11:03:02 PM
Homeowners who sold their home in the first three months of this year saw an average price gain of $44,000 from purchase, according to a new report.
4-28-2017 3:57:21 PM
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Home » Who We Are
Who We Are
Renewal Financial Services, LLC, is specifically focused on building networks that improve the availability and accessibility of a comprehensive portfolio of financial services to unbanked, underbanked and thin-file consumers. Our efforts are carried out through the effective and efficient delivery of financial education, products and services available through our network partners. We serve as a catalyst for change and collaboration at the point of service within the community. According to the United States Federal Reserve and Federal Deposit Insurance Corporation (FDIC), the fringe financial service market consists of consumers who are predominately unbanked, underbanked and thin-filed. This market also includes:
What We Do
While banks and other mainstream financial service institutions may be available to some consumers in this market, most people often lack access to these services. Although many factors contribute to their inability to access mainstream financial services, the most common reason is low credit scores. This score is vital to obtaining credit, employment, insurance and many other necessary goods and services.
For institutions that use credit scores as a factor in their lending decisions, scores that fall below certain numbers may result in the outright denial of credit or credit being offered at a higher interest rates. According to research, the vast majority of communities with low credit scores share similar characteristics, including lower educational attainment (secular and financial), higher rates of unemployment, lower family median incomes, higher rates of poverty and challenges in paying debt on time. Disproportionately, these communities are populated by minorities, African- and Hispanic-Americans. These conditions cause extraordinary financial disparities between those who have prime credit scores and those who have sub-prime scores. A partnership within our network addresses this situation by offering financial education, banking, credit, mortgage and community development services.