Suncoast eyes member credit growth with Bloom+

Core Insights - Bloom Credit partners with Suncoast Credit Union to enable credit building through routine rent and utility payments for its 1.1 million checking account holders [2][4] - Approximately 45 million American adults are credit-unserved or underserved, highlighting a significant market opportunity for credit-building solutions [3] Group 1: Product Offering - Bloom+ will allow users to automatically report positive payment information for rent and utility bills to TransUnion, enhancing their credit profiles [2][4] - Users can select which bills to report, providing them with control over their credit information [4] Group 2: Market Opportunity - 18% of American adults have little to no credit profile, which restricts their access to loans and insurance [3] - The ability to report rent payments, which can exceed mortgage payments, is particularly beneficial for consumers [4] Group 3: Partnerships and Expansion - Bloom has established partnerships with Navy Federal Credit Union and Suncoast Credit Union, with plans to expand into banking partnerships [4][5] - The company is in discussions with several top banks to broaden its reach in the credit-building market [5]