Hard Outcomes: Foster economic mobility and communitywide prosperity. Educate and coach low-income and/or credit-challenged households to improve their financial management knowledge and skills in tandem with growing their credit scores.
Objectives: Set a visionary goal of a communitywide credit score of at least 700. Engage partners banks, credit unions, investment advisors and experts in all aspects of money management. Use this curriculum as stepping stone to economic mobility.
Approach: Make expert financial counseling affordable and even free to TANF-eligible families. Combine in-class learning with one-on-one coaching and personalized budgeting. Connect graduates to other wealth-building resources such as homebuyer education and down payment assistance. Enlist co-presenters and program sponsors to enhance effectiveness.
Evidence: One in three families in Columbus live paycheck to paycheck. Those in poorer zip codes spend up to 10% of their income on payday lenders. Solving poverty isn’t just about a job. It’s also about building financial stability.
Questions? CUL's Financial Empowerment Services team will be working remotely through at least April 6. All questions regarding the 700 Credit Score initiative can be directed to Doug Gaffney at 614-736-9564 or firstname.lastname@example.org or to Elango Glenn at 614-736-9353 or email@example.com