Genesis Credit® is a brand of Genesis Financial Solutions® (GFS), a company established in 2001 by a group of seasoned financial services executives who believe that everyone deserves the opportunity to receive quality credit financing. Genesis specializes in “second-look financing” for consumers who are turned down by a prime lender, yet are still valuable consumers who deserve access to financing. These “near prime” consumers ask for a prime-like financing experience and Genesis provides a best-in-class service to meet this need.
In 2011, the Genesis Credit brand was created to address the need GFS recognized as the nation was pulling out of the 2008 Recession. Too many individuals—people who had previously been approved by primary lenders—were being turned away from affordable financing due to having fallen behind on payments because of job loss, health issue, or other financial setback outside their control. Added to that are the many who steer clear of traditional finance-lending opportunities and find themselves relegated to the “thin file” (those who cannot get approved for primary financing due to having no credit history, rather than a challenged one). Genesis Credit was founded on the belief that no one should be turned away from financing based solely on a FICO score.
Today, Genesis Credit is the largest provider in the near-prime financial services space, having originated $6 Billion in assets to date and processing 12 Million applications annually. Our Private Label Credit Card (PLCC) business has achieved over $2.6 Billion in originations and has experienced over 40% growth since 2018.
The cornerstone of Genesis’ leadership in the second-look financing industry is our dominance in a variety of merchant verticals. We are proud to say that we are currently partnered with top retailers and healthcare practices in their respective industries, including eCommerce giants and over a third of Furniture Today’s “Top 100.” In addition, Genesis is the servicing partner to Signet Jewelers, the world’s largest retailer of diamond jewelry. It is also worth noting Genesis’ experience in the travel vertical, which launched in early 2014.
With almost two decades of success, we attribute our leading position in the industry to our vast consumer finance experience, knowledge base, cutting-edge risk models, and a dedicated focus to provide an exceptional prime-like experience. Our in-house data science and statistical experts are constantly building new risk models, leveraging new data and techniques to react and respond quickly and resiliently to changing market conditions.
At Genesis Credit, we stand at the intersection of business and the consumer, taking the time to understand the needs of both, and consistently striving to ensure an exceptional experience for all.