Freddie Mac's "CreditSmart" Initiative
Individuals can learn about the importance of good credit in becoming homeowners through the "CreditSmart" Initiative classes...
STATE TREASURY, PUBLIC, PRIVATE ORGANIZATIONS TEAM UP TO HELP HOUSING AUTHORITY RESIDENTS ATTAIN HOME OWNERSHIP...CreditSmart® Initiative Teaches Participants To Make Good Financial Choices
Hartford, CT – Several public and private organizations are joining forces for a new one-year financial outreach and education initiative to help residents in Connecticut improve their financial decision-making skills.
The Office of the Connecticut State Treasurer Denise L. Nappier, Connecticut Housing Coalition, Freddie Mac (NYSE: FRE), Bank of America, Citizens Bank, Vision Financial Services, and the housing authorities in Hartford, Meriden, Stamford, New Haven and Bridgeport have teamed together to bring CreditSmart® and CreditSmart® Español – Freddie Mac's signature instructor-led financial literacy workshops in English and Spanish – to housing authority residents in those communities. The initiative also will bring one-on-one counseling and follow-up mentoring to housing authority residents.
A recent Commerce Department report found that American consumers are spending 5 percent more than they earn, and are using their savings or credit to make ends meet. Connecticut families are no different. They struggle with the financial challenges of better managing credit and buying a home. Vision Financial Services will conduct CreditSmart and CreditSmart Español workshops for residents and housing authority staff in Hartford, Meriden, Stamford, New Haven and Bridgeport, and will train selected Housing Authority staff to become certified instructors.
The six-hour workshops will be offered free of charge in the community.
During the workshops, instructors provide information about credit and credit management, insight into how lenders assess credit histories, and how credit plays a profound role in achieving financial goals, like renting an apartment, buying a car or home, or getting a job.
Once participants are ready to apply for a mortgage, they are welcome to visit lenders, such as Bank of America and Citizens Bank, who offer mortgages for individuals with credit-challenges as well as low down-payment mortgages. “This financial literacy and education initiative has the potential to help a lot of people across the state,” said Sen. Joseph Lieberman (D-CT). “The workshops will provide an opportunity for Connecticut residents to become better educated on the important and challenging issues of spending, saving and managing credit so that they may make careful and informed financial decisions.”
Congresswoman Rosa DeLauro (D-CT) said, “Education creates opportunity for all individuals, and knowing how to use credit wisely is the key to home-ownership and advancement. Through the CreditSmart and CreditSmart Español workshops, countless public housing residents will learn the benefits of good credit. I am delighted that these programs will soon be available in New Haven.” “Credit can be a two-edged sword. It can open doors of financial opportunity and economic self-sufficiency, but managed poorly can also result in doors closing,” said Denise L. Nappier, Connecticut State Treasurer. “That is why CreditSmart is absolutely critical, providing essential information to help individuals successfully pursue their financial dreams while avoiding unintended and adverse consequences along the way.”
“Teaming up with these respected organizations to make CreditSmart and CreditSmart Español classes available will help more people understand the important role credit has in achieving homeownership,” said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. “The payoff to financial literacy is an improved standard of living and a sense of confidence about the future. “Financially savvy individuals are more likely to plan for retirement, fund the education of their children and accumulate more assets.” Jeffrey Freiser, executive director of the Connecticut Housing Coalition, added, “Most public housing residents – despite the stereotypes – are working hard, incredibly hard, in low-wage jobs, struggling to support their families and make ends meet. Financial literacy training helps them reap the benefits of that hard work.”
Freddie Mac believes that by educating consumers about smart credit habits and helping them understand the importance of obtaining and maintaining good credit, then they are helping them take the first steps toward homeownership. More than 57,000 people have attended CreditSmart classes since it was launched in 2000.
STATE TREASURY, PUBLIC, PRIVATE ORGANIZATIONS TEAM UP TO HELP HOUSING AUTHORITY RESIDENTS ATTAIN HOME OWNERSHIP...CreditSmart® Initiative Teaches Participants To Make Good Financial Choices
Hartford, CT – Several public and private organizations are joining forces for a new one-year financial outreach and education initiative to help residents in Connecticut improve their financial decision-making skills.
The Office of the Connecticut State Treasurer Denise L. Nappier, Connecticut Housing Coalition, Freddie Mac (NYSE: FRE), Bank of America, Citizens Bank, Vision Financial Services, and the housing authorities in Hartford, Meriden, Stamford, New Haven and Bridgeport have teamed together to bring CreditSmart® and CreditSmart® Español – Freddie Mac's signature instructor-led financial literacy workshops in English and Spanish – to housing authority residents in those communities. The initiative also will bring one-on-one counseling and follow-up mentoring to housing authority residents.
A recent Commerce Department report found that American consumers are spending 5 percent more than they earn, and are using their savings or credit to make ends meet. Connecticut families are no different. They struggle with the financial challenges of better managing credit and buying a home. Vision Financial Services will conduct CreditSmart and CreditSmart Español workshops for residents and housing authority staff in Hartford, Meriden, Stamford, New Haven and Bridgeport, and will train selected Housing Authority staff to become certified instructors.
The six-hour workshops will be offered free of charge in the community.
During the workshops, instructors provide information about credit and credit management, insight into how lenders assess credit histories, and how credit plays a profound role in achieving financial goals, like renting an apartment, buying a car or home, or getting a job.
Once participants are ready to apply for a mortgage, they are welcome to visit lenders, such as Bank of America and Citizens Bank, who offer mortgages for individuals with credit-challenges as well as low down-payment mortgages. “This financial literacy and education initiative has the potential to help a lot of people across the state,” said Sen. Joseph Lieberman (D-CT). “The workshops will provide an opportunity for Connecticut residents to become better educated on the important and challenging issues of spending, saving and managing credit so that they may make careful and informed financial decisions.”
Congresswoman Rosa DeLauro (D-CT) said, “Education creates opportunity for all individuals, and knowing how to use credit wisely is the key to home-ownership and advancement. Through the CreditSmart and CreditSmart Español workshops, countless public housing residents will learn the benefits of good credit. I am delighted that these programs will soon be available in New Haven.” “Credit can be a two-edged sword. It can open doors of financial opportunity and economic self-sufficiency, but managed poorly can also result in doors closing,” said Denise L. Nappier, Connecticut State Treasurer. “That is why CreditSmart is absolutely critical, providing essential information to help individuals successfully pursue their financial dreams while avoiding unintended and adverse consequences along the way.”
“Teaming up with these respected organizations to make CreditSmart and CreditSmart Español classes available will help more people understand the important role credit has in achieving homeownership,” said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. “The payoff to financial literacy is an improved standard of living and a sense of confidence about the future. “Financially savvy individuals are more likely to plan for retirement, fund the education of their children and accumulate more assets.” Jeffrey Freiser, executive director of the Connecticut Housing Coalition, added, “Most public housing residents – despite the stereotypes – are working hard, incredibly hard, in low-wage jobs, struggling to support their families and make ends meet. Financial literacy training helps them reap the benefits of that hard work.”
Freddie Mac believes that by educating consumers about smart credit habits and helping them understand the importance of obtaining and maintaining good credit, then they are helping them take the first steps toward homeownership. More than 57,000 people have attended CreditSmart classes since it was launched in 2000.
posted by Kirby P at 9:44 PM
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