- On October 24, 2019
Building a Brighter Financial Future for All Bostonians
As credit woes and debt are crippling many young people across the nation, Boston is committed to building a city where every resident can improve their financial wellness. And IBA is leading the way in this regard with a recent partnership with United Way and Boston Builds Credit. The innovative, new Credit Building Pilot program is designed to integrate credit building with career pathways for young adults.
This two-year pilot partnership will provide credit building services to young adults at two sites, Bunker Hill Community College and Roxbury Community College. Both of these locations were chosen due to the high need for this type of financial support for local students and area residents. A Credit-Building Specialist will be hired within the next 60 days and will work with young adults at both locations, on a rotating schedule.
In addition, the pilot program will make credit building workshops regularly available to students, introducing them to the importance of credit as well as the rules of thumb on how to establish and maintain good credit. For more in-depth support, students will be able to register for one-on-one financial coaching sessions and can get further assistance to create a personal budget, identify ways to save money, obtain a copy of their credit report, and establish a credit repair plan.
This new partnership is part of the larger citywide initiative originally announced in 2017 by Mayor Walsh with the goal to empower an estimated 25,000 individuals to attain a prime credit score of 660 and above by the year 2025. However, by the end of 2020, the interim goal is to help 3,000 Bostonians achieve a prime credit score and/or generate an average credit score increase of 30 points in the next 14 months. IBA, with the help of United Way and Boston Builds Credit will likely make these short- and long-term goals attainable.
Managing your money can be complicated, from loans, credit cards, part-time work, and bank accounts. To learn about the Boston Builds Credit pilot program please contact Tiana Bonner, Program Director at (617) 535-1754.