What happened to Credit Builder?
Since our launch of our Credit Builder feature earlier this year, we’ve reported your ExtraCash™ advance approvals, withdrawals, and settlements to Equifax in order to build your credit history. This may have resulted in updates to your credit report due to a new tradeline originating on your credit.
However, on Oct 16, 2023, we discontinued Credit Builder for all members and will no longer report your ExtraCash™ activity to Equifax. By Nov 30, 2023, we’ll remove this tradeline and all of your ExtraCash™ account activity that we reported to Equifax (labeled as “Dave/Evolve Bank & Trust” in your credit report).
What do I need to do on my end?
No action is required on your part. Once this happens, the changes to your credit report will revert back, and you might receive a notification about your updated credit report from other credit monitoring services.
What does this mean for me?
What’s not changing: your ability to take ExtraCash™ advances with no credit check. Taking advances will now have no impact on your credit.
Additionally, you can still view your credit score, track its changes, and learn about what impacts it right in the Dave app. After all, knowing these credit insights is step one to owning your credit journey.
At Dave, we remain committed to helping all of our members improve their credit and we’ll continue to explore credit building features that fit your needs.
