Launch of a Credit-Building Opportunity in Prince George’s County
In Prince George’s County, Maryland, a novel initiative called the District 8: Credit-Builder Loan Match Program is giving some residents the chance to both enhance their credit scores and earn an extra $500. Spearheaded by Council Member Edward Burroughs III, in collaboration with the Financial Empowerment Center at Prince George’s Community College and the Prince George’s Community Federal Credit Union, this program is designed to financially empower the local community. Participants engage by making monthly deposits of $44 over a year, after which they not only receive their saved amount back but also a $500 bonus.
How the Credit-Builder Program Works
This program specifically targets residents of District 8, encompassing areas around National Harbor, and is aimed at helping individuals with low or no credit scores to build their credit through consistent financial activity. Upon successful completion of the year-long program, where participants diligently make their monthly contributions, they see an average increase of 20 to 67 points in their credit scores. The initiative not only boosts financial stability but also integrates residents into the broader financial system, offering substantial future benefits.
Supporting Financial Literacy and Inclusion
The Credit-Builder Loan Match Program aligns with Financial Literacy Month’s goal to enhance understanding and access to financial services, particularly for underserved communities. Council Member Burroughs highlighted the significance of this program for Black and Brown communities, which often face lower credit scores and limited financial service access. By providing essential knowledge and financial tools, this program helps break the cycle of poor credit and opens up new opportunities for participants, underlining the transformative power of financial education. More information about the program is available online, inviting all eligible residents to seize this chance to secure their financial future.