Kikoff: How does it work and is it a scam?

What is Kikoff?

Kikoff is a US fintech based in San Francisco. Established in 2019, it offers multiple credit building products to customers in the United States. These include a line of credit, a credit building loan, a secured credit card and a rental payment reporting service.

For Canadians, Kikoff currently only offers a revolving line of credit known as the Kikoff Credit Account.

Related: Need a small loan? Learn more in our guide

Is Kikoff available in Canada?

Yes, Kikoff is available in Canada. Canadians with low or no credit can use the Kikoff Credit Account to help improve their credit score.

However, it’s worth noting that Kikoff is not available everywhere. Residents of Quebec, Saskatchewan, Nova Scotia and New Brunswick cannot open an account.

Is Kikoff legit?

Yes. Kikoff is a legit US fintech that was founded in 2019. The company launched its credit building platform in the US in 2021 and recently expanded into Canada.

Kikoff has received over 1,000 reviews on Trustpilot and has a B- rating from the Better Business Bureau. You can check Kikoff’s terms of service and privacy policy before signing up for an account.

How Kikoff works

If you want to sign up for a Kikoff Credit Account and improve your credit, here’s what you need to do.

Sign up online

Visit the Kikoff website, select Sign up, then enter your email address and create a password. You’ll also need to verify your email and enter your name, date of birth and contact details to create an account.

Get your line of credit

Provide your financial information and proof of ID to apply for a Kikoff Credit Account. If approved, you can set up automatic payments for your $10 monthly plan.

Kikoff reports to the credit bureau

Kikoff reports your payment history to Equifax, a credit bureau. This is intended to help improve your credit in three ways:

• You can build a history of on-time payments.
• Because the Credit Account is not used for everyday spending, you’ll be able to demonstrate low credit utilization.
• You’ll eventually have an old account and a longer credit history.

Increase your credit score

By the end of 12 months, you will have hopefully improved your credit score. But you won’t get any money back.

Pros and cons of Kikoff

Pros

• Improve your credit score. Kikoff reports your $10 monthly payment to Equifax to help improve your credit score. Kikoff reports an average credit score increase of 28 points in the first two months after signing up.
• No credit checks. Kikoff doesn’t conduct a hard pull on your credit file when you apply, so bad credit or no credit won’t stop you from getting funded.
• No interest. There are no interest charges to worry about when you open a Kikoff line of credit.
• No hidden fees. There are no annual fees or late fees to pay on the Kikoff Credit Account.
• Automatic payments. If you opt in to the Autopay feature, you can make on-time payments and boost your credit score without any extra effort.

Cons

• $10 a month. The Kikoff Credit Account comes with a flat monthly plan fee of $10.
• Can’t use funds to pay for everyday expenses. The Kikoff Credit Account is designed to be used for credit-building purposes only and doesn’t come with a linked debit card, so you can’t use your line of credit to pay for everyday bills or purchases.
• Only reports to Equifax. Kikoff doesn’t report payments to TransUnion, Canada’s other main credit bureau.
• Not available everywhere. Kikoff is not available in Quebec, Saskatchewan, Nova Scotia and New Brunswick.

Alternatives to Kikoff

Summary of Kikoff reviews

Site	Details
Trustpilot	4/5 based on 1,002 reviews
Google	N/A
BBB accreditation	No
BBB rating	B-
BBB reviews	3.77/5 based on 412 reviews

Reviews as of December 11, 2024.

What do Kikoff reviews say?

Kikoff reviews are generally positive, but there is mixed feedback from some users. Those who leave positive Kikoff reviews praise the platform for being easy to use and helping them successfully improve their credit scores. Users who leave negative reviews complain about factors like no credit score improvement or payments still being deducted after cancelling their accounts.

What does Reddit say about Kikoff?

Reddit reviews for Kikoff are generally positive, but there’s a smattering of mixed reviews as well. Multiple Redditors comment that Kikoff has helped them increase their credit score and is a legit provider. However, there are some users who complain that Kikoff has not improved their credit.

Am I eligible?

Membership is open to Canadian residents, but Kikoff is not available in Quebec, Saskatchewan, Nova Scotia and New Brunswick. There are no credit checks during the application process, and it’s easy to sign up for an account online.

What to expect after you’ve signed up

Once you’ve been approved for a Kikoff Credit Account, you can use your line of credit to finance the cost of your monthly plan fee. You also have the option of setting up automatic payments to help you build your payment history without any ongoing effort.

Kikoff will then report your credit line and on-time payments to Equifax, hopefully improving your credit score. However, late or missed payments could have a negative impact on your credit score.

The Kikoff Credit Account costs at least $10 a month for a period of 12 months, for a total of $120. But unlike a traditional credit builder loan, you won’t get back the money you pay towards a Kikoff Credit Account.

Bottom line

If you’re looking for a legit and easy way to potentially build credit, Kikoff is worth checking out. Bad or no credit won’t stop you from qualifying, and Kikoff reports your on-time payments and low credit utilization to Equifax to help boost your credit score. Compare Kikoff with other credit building products before deciding if it’s right for you.