Financial Empowerment/700 Credit Score
Earn IT. Keep IT. Grow IT.
700 Credit Score Initiative
Hard Outcomes: Foster economic prosperity as low-income and/or credit-challenged households master smarter financial strategies. Earn a community-wide credit score of 700 or better.
Objectives: Set a visionary community goal. Engage partners such as banks, credit unions and investment advisors. Teach pragmatic strategies to those with no or bad credit. Combine one-on-one coaching and personalized budgeting to achieve outcomes.
Approach: Educate 200 people in 2016 on budgeting, credit, debt management and savings. Match participants with financial coaches. Make expert financial counseling affordable and even free to TANF-eligible families. 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.