Everyone in the business world knows how important it is to have a good credit score. But it’s easier to damage your credit score than it is to improve it. Once the damage is done it’s nearly impossible to participate in important financial activities that make your business run more smoothly, like getting a loan or investing.
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Last Updated: May 26, 2023
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Marble’s new Boost service aims to change that. But is it worth investing in it? We’ll tell you everything you need to know about this new credit improvement service in our Marble Boost review.
Of course, the most important part of this Marble Boost review is answering this question, so let us give you a quick rundown of what this service is.
Marble Boost, at its core, isn’t a loan. It’s a credit improving service. By participating in Marble’s Boost service for a year, your credit score will go up over time.
Once your yearly agreement is up, you can choose to renew the service and keep improving your credit for another year or cancel the service.
It may seem like a year is a long time to keep a subscription service, but when it comes to credit improvement the longer you make payments and such, the more your score will improve.
In this section or our Marble Boost review, we’re going to do something that most other sites aren’t doing: telling you how Boost works.
Marble Boost is sort of a loan, but only sort of. The loan is to finance the subscription cost for MyMarble Premium.
The benefit of Boost is that unlike paying for MyMarble Premium with credit or debit, you add an extra tradeline account onto your credit report which reports positively to the bureaus, boosting your score every month.
That’s of course a very small loan that most people could repay in a few months (or less). But rather than paying the loan off all at once, you make micro payments on it over the course of 12 months, which leads to better credit scores.
Marble reports your payments to both Equifax and TransUnion monthly. Because of this you can see improvement to your credit score in as little as three months, which is a major benefit that we had to mention in our Marble Boost review.
If you’ve gotten to this point in our Marble Boost review and still can’t determine whether you can benefit from Boost, don’t worry. We’ll tell you who can benefit the most from Marble Boost.
Marble Boost was developed with the intention of helping Canadians who can’t benefit from other credit improvement methods (like department store credit cards, credit cards, a line of credit, or other methods.)
These people won’t have their credit scores reported to Equifax and TransUnion. Marble Boost aims to rectify that situation by offering a service that reports frequently and provides affordable monthly payments for people who have low incomes.
If you’re working with a low credit score and limited cash, Marble Boost is a great option for you.
If you’re a Canadian with a low credit score, low-income and no real access to other credit-building options, then we’ll definitively tell you as part of this Marble Boost review that Boost is best suited for you.
Marble Boost is also a good option for any Canadian who wants to improve their credit score.
The combination of Boost and MyMarble Premium’s credit building tools (more on that later in our Marble Boost review) can provide you with a credit-building plan that’s tailor-made for you and your budget.
A lot of credit-building services just tell you what you need to pay, but don’t actually give you a plan to pay things off or give you action plans based on your budget, which is why Marble Boost and MyMarble Premium are so unique.
This wouldn’t be a good Marble Boost review if we didn’t include a section about the company’s history and reputation. A company’s history and reputation is really important to many consumers, so we won’t disappoint in that regard.
Marble Financial Inc. Was started in 2016 with the intent of helping people with bad credit who lacked the funds to pay off their debt all at once.
Insolvency, or the inability to pay off one’s debts, has been on the rise during the past couple of decades. Since then, they’ve started an ingenious program called Fast-Track.
When someone is facing insolvency, they can take part in a government program called consumer proposal.
This program involves a trustee that works not only with you but with your creditors, which allows you to settle your debt payments for far less (typically around 35 cents per every dollar).
Then you’re required to pay off the trustee, which is a process that usually takes 60 months. Sure, this pays off the debt but it doesn’t do anything else to improve your credit score.
Marble’s Fast-Track allows you to make payments to them, rather than the trustee, and Marble then reports the payments to the credit reporting agencies.
This means that your credit can start being repaired immediately, with credit rebuilding only taking 4 years instead of the typical eight.
These sort of innovative credit-building solutions are what Marble is known for, so we wanted to include it in our Marble Boost review.
They’ve also launched MyMarble, which is an AI-based finance option. It uses Artificial Intelligence to understand your finances and tell you which actions you should take to improve your credit score and your financial situation.
It can tell you which actions will be most beneficial, so you’ll know how to spend your money and what to do next.
Just last year Marble reported that they have hit the 20,000 member milestone. They say that Covid-19 has really impacted the financial health of many people, and they’ve been working to help restore the balance.
Because their business is ideally suited for remote work, and because it’s accessible to users online, it’s really thrived during the past couple of years due to its social-distance-friendly nature and its ability to help people deal with pandemic-based insolvency, which has been a real problem all over the world.
You’re probably reading this Marble Boost review and wondering how in the world making payments can improve your credit score. But there are a number of factors that affect your score, and Marble Boost takes many of them into account.
First of all, it’s not making payments that improves your score. Instead, making payments on time and being reliable improves the score. So when you make a monthly payment to Marble Boost, you’re automatically improving your score.
Another factor included in your credit score is your utilization rate. This is the difference between the remaining balance on your loan and your overall credit limit.
So, it’s important to mention in this Marble Boost review that Marble helps to balance this ratio by allowing you to pay this loan off relatively quickly.
By the end of the year, your balance will be paid off and your utilization rate will be improved.
Many people reading this Marble Boost review are wondering whether Marble will run a credit check. The answer is yes.
They perform an initial credit check, but this isn’t done in order to determine your monthly payment amounts or interest rates.
Instead, it’s done to see what they’re working with and how much work needs to be done to improve your credit score. This will give you a better idea about your credit improvement journey, as well.
It’s important that we note in this Marble Boost review that making payments on time is how you go about improving your credit score with Boost.
So of course, if you miss a payment then your credit score will take a hit. But Marble is pretty understanding about these things.
If you contact them they can move your payment date around in an attempt to ensure that you don’s miss payments because missing payments is highly counterproductive to their mission to improve your credit score. In short, just don’t miss a payment.
You may be reading this Marble Boost review and wondering how long you’re required to make monthly payments to improve your credit score.
You’ll make monthly payments for twelve months, or a year. They’re small payments of $29.99 (plus taxes, which vary depending on your province.)
There is a $5.00 payment processing fee every month, as well. You aren’t required to pay any interest, which is great because paying interest is a typical requirement for paying off loans.
But the goal of Marble Boost isn’t to put you further in debt, it’s to help you secure your financial future.
We feel that it’s important to include things such as cancellation policies in our Marble Boost review. What happens if you’re dissatisfied with the service or find that you can no longer pay for it on a monthly basis?
You can cancel your Marble Boost service anytime. However, you should do it 48 hours before your next payment date at the latest because that way you avoid making another payment.
Anything less than 48 hours and you’re stuck making a payment that you’ve already decided you either can’t afford or don’t want to make.
To ask about how to cancel your services, simply shoot an email to customers@marblefinancial.ca.
It’s understandable to read this Marble Boost review and wonder how you’ll be able to determine whether the service is actually working to improve your credit score.
After all, it would be unfortunate to pay for a service that advertises itself as a way to improve your credit score if you never actually saw it in action.
You can easily see changes to your credit score on your Marble Boost dashboard.
It shows you both your historical credit score and your current score so that you can compare them both and check out how much your score has improved. You should see improvement in as little as three months.
One of the best features of Boost that we found during this Marble Boost review is that Marble throws in a year of MyMarble Premium when you sign up for Marble Boost.
This makes sense because MyMarble Premium is typically $29.99/month, which is the same price as your Marble Boost payments.
MyMarble Premium gives you a load of additional credit improvement tools and features, which we couldn’t leave out of this Marble Boost review.
If you use Marble Boost in conjunction with MyMarble Premium, you’ll get the full benefit of Marble’s credit improvement tools, so it’s great that they provide you with both for one price. Here are some of the features of MyMarble Premium:
Marble Boost is a great way to improve your credit score if you don’t have access to other credit improving methods.
When we discovered during this Marble Boost review that you also get a year of MyMarble Premium, as well, you’ll be able to quickly improve your score by taking action and making payments based on your unique situation and budget. Thanks for checking out our Marble Boost review!
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The answer is yes. They perform an initial credit check, but this isn’t done in order to determine your monthly payment amounts or interest rates. Instead, it’s done to see what they’re working with and how much work needs to be done to improve your credit score. This will give you a better idea about your credit improvement journey, as well.
Marble Boost, at its core, isn’t a loan. It’s a credit improving service. By participating in Marble’s Boost service for a year, your credit score will go up over time. Once your yearly agreement is up, you can choose to renew the service and keep improving your credit for another year or cancel the service.
Marble Boost was developed with the intention of helping Canadians who can’t benefit from other credit improvement methods (like department store credit cards, credit cards, a line of credit, or other methods.) These people won’t have their credit scores reported to Equifax and TransUnion. Marble Boost aims to rectify that situation by offering a service that reports frequently and provides affordable monthly payments for people who have low incomes.
One of the best features of Boost that we found during this Marble Boost review is that Marble throws in a year of MyMarble Premium when you sign up for Marble Boost. This makes sense because MyMarble Premium is typically $29.99/month, which is the same price as your Marble Boost payments.
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