The program truly seeks to empower families (youth and parents) in an effort to end the cycles of generational poverty that are entrenched in the targeted neighborhoods. How? By reinforcing the family as a collaborative resource to improving the lives of each of its members. Why? Educating parents and youth about the importance and impact of credit health will increase use of bank accounts and the credit worthiness of participants while positioning the family to leave poverty for good.
Families will be screened for need and would then be provided a complimentary credit assessment followed by guided training on the tangible steps to take to improve their credit scores. Upon enrollment, a pre-test will be administered to gauge the fiscal literacy of program participants. Participants will learn where to obtain their credit report and then interpret the results as well as identify the signs of predatory lending and other fiscal pitfalls. They will learn how late payments, repossessions, bankruptcy and other acts undermine their credit health and pose years of financial obstacles. Participants will also learn the tangible, realistic steps they can take to improve their credit score including debt settlements. Higher credit scores can translate into improved employment opportunities, home ownership, reduced interest rates (which translates to more money saved) and fiscal health.
Upon program completion, participants will be administered a post test to gauge what they have learned including understanding their credit score and how to dispute errant charges. The test will gauge their understanding of where to find their credit score, how to interpret the findings, how to dispute errant charges, and proactively building their credit worthiness, among others.
Results: the Get Credit Healthy program has helped thousands of family members improve their credit and reach next steps in achieving their financial goals.