Of the tens of thousands of youth that age out of foster care each year, most will have no credit report and preliminary research indicates that approximately 5-10% may have a negative one due to errors, identity theft or other instances of fraud. In response, Congress enacted a new law in 2011 that requires that youth in foster care receive a free copy of their credit report -- as well as assistance interpreting it -- every year from the age of 16 until they transition out of the system. With generous funding from the Annie E. Casey Foundation, CBA is supporting child welfare agencies to implement the federal credit check mandate. Click Here to read our reference guide for accessing youth credit reports from each of the big three credit bureaus and ideas for setting youth up for a lifetime of good credit!
The 35-54 millions Americans that are outside the credit system would benefit from including telecommunications and utility payments in their credit report. Read more>>
Asset Building and Credit
Unlike a decade ago, today lenders do not require savings in order to extend credit. People with a good credit rating will pay approximately $250,000 less in interest throughout their working lives than those without -- savings that could go towards building assets. Read more>>
Financial Education and Credit
There is growing interest across the financial services industry to understand the impact of financial education and asset building with respect to changes in credit profiles. Read more>>
Medical debt is destabilizing the finances of a sizable number of Americans, affecting their overall financial security and undermining their economic stability. Nearly a third of low and middle income households have outstanding credit card debt for medical expenses, putting families into a debt trap that depletes their assets and wealth. Read more>>