Give the gift of education AND a strong credit score
Builds your students credit history
Increases your students credit score
Keeps debt out of your students hands
Sets your student up for financial success
Make use of the tuition you are already paying
How it works
Submit your tuition Payment Plan
We use your payment plan installments to report to the bureaus. Payment plans can be entered into through your University. Upload your confirmation letter and you’re up and running!
Upload confirmation of payment
In order to report successful and on-time payments, we require confirmation of those payments. This needs to be either a 1098-T from the University, or a receipt from your payment plan provider.
We report your on-time payments
Backpack will report your on-time payment to the credit bureaus which strengthens your credit profile and builds your credit score.
FAQs
What is the timing for this?
Once you sign up to be part of our beta you will receive an email with instructions on next steps. This will include providing us with details about your payments, as well as a secure link to input your students details. We expect to begin reporting to the credit bureaus in late March 2025 and will notify you before an official date is determined.
Do I need to be using a payment plan?
Yes. The payment plan provides us the installment based payment schedule needed to report to the credit bureaus, building your credit history and strengthening your credit score. We are working on on a way to do this without a payment plan, though!
Will I need to create an account with Backpack?
For the beta program, we do not require you to open a Backpack account. However, Backpack will require you to securely provide certain personal information about the student to verify identity ( Full Name, SSN, DOB ) and we will communicate primarily via email and text.
How do I withdraw 529 funds to my Backpack account?
Once you have linked your 529 to your Backpack account, you simply need to initiate a withdrawal. For more information, see our detailed step-by-step guides tailored to your 529 for how to initiate a withdrawal from your 529 to your Backpack account.
Will there be a cost for this?
This is a new product that we are so excited to be bringing to market to help students build credit without going into debt! As this is new, and we are excited to have you as part of this, we are offering this service completely free to our beta users.
We do plan on charging for the credit builder product after launch so be sure to get in now!
Join the beta and be the first to get exclusive (and free) access!
