Capitalizing Credit Deserts Program: Helping to Move People from Credit Insecure to Credit Resilient

This success story was made possible with generous funding from the Wells Fargo Foundation

wells fargo logo

BACKGROUND

LaDaisha Forney, had a FICO score of 573 with Equifax when she enrolled as a client at Legacy Institute for Financial Education’s (LIFE) Financial Opportunity Center, located in Lufkin, Texas. Her scores from TransUnion and Experian were not available due to her thin credit file.

Image of a smiling woman sitting in the front seat of a car.
icon of a mountain

OPPORTUNITY

LIFE’s Empowerment Fund is a part of the Capitalizing Credit Deserts cohort of lenders who are working to eliminate credit insecurity in low-income communities and communities of color. Thanks to generous funding by the Wells Fargo Foundation, LIFE was able to grow their small dollar consumer loan program.

SOLUTION

LIFE and CBA Fund: Helping to Move People from Credit Insecure to Credit Resilient

Ms. Forney continued her credit building journey with a Credit Builder Loan from LIFE Empowerment Fund. She successfully completed the program with no late payments and great communication.

Recently, Ms. Forney was in the market to move from her apartment into a single-family home, so she wanted another loan for moving costs and small furniture items. She was approved through the LIFE Empowerment Fund with a credit score of 749 from Equifax and a new score of 759 from TransUnion! Ms. Forney is now making plans to purchase her own home.

Joseph Ceasar, Executive Director of LIFE, explained that the Wells Fargo funding provided through CBA Fund allowed LIFE to provide these loans, which are extremely important to the accomplishment of LIFE’s mission because they address a major component of financial stability and financial empowerment: credit building.

"When I came to Legacy for help, my first loan was to help me while I was in a financial bind. I used it for my rent, bills, and child necessities. Due to my first loan with the LIFE Empowerment Fund, my credit increased to over 700, and I was able to search and get approved for a house."

LaDaisha Forney

"We believe in credit as an asset, so building our clients’ credit impacts their budgets in ways they rarely understand without education and through these loans we have an opportunity to share this concept with them."

Joseph Ceasar

OUTCOME

Recently, Ms. Forney was in the market to move from her apartment into a single-family home, so she wanted another loan for moving costs and small furniture items. She was approved through the LIFE Empowerment Fund with a credit score of 749 from Equifax and a new score of 759 from TransUnion! Ms. Forney is now making plans to purchase her own home.

INTERESTED IN LEARNING MORE?

For more information about CBA Fund and how it empowers life-changing organizations like Legacy Institute for Financial Education, visit: https://creditbuildersalliance.org/cba-services/cba-fund/ 

 For more information about the critical mission of LIFE, visit: https://www.legacy-institute.org/ 

Scroll to Top