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The Ultimate Guide to Credit-Builder Loans in 2024!Getting a personal loan can build credit, but only if you make on-time payments and the lender reports your payments to the credit bureaus. Getting a personal loan can be a great way to boost your credit score. But certain mistakes can hurt it. Here are the things to do and to. A credit-builder loan is a type of installment loan and, in most cases, lenders report payments made on the loan to the credit bureaus.