In the last three years, 206 people increased their credit score, decreasing the fees they will pay for poor credit and increasing opportunities to build assets. Also, 234 people increased their net worth, 199 of whom decreased their debt.
Financial coaching at CCL focuses on setting concrete financial goals and taking action consistent with those goals. CCL acknowledges that each person’s definition of financial success differs and honors each participant vision for their financial future. To that end, participants engaged in on-going financial coaching receive support on a variety of different goals, from building credit to consolidating and managing debts, from saving for long-term goals and assets to finding new and innovative ways to participate in the economy. CCL’s financial coaches are also HUD certified housing counselors, ensuring that housing goals can be addressed during financial coaching.
One on one Financial coaching includes:
- Discovery and joint exploration of participants’ money values and beliefs
- Facilitating the development of participants’ financial visions, outcomes, action plans and accountability structures
- Financial assessment, including establishing and reviewing budgets, balance sheets and credit reports.
- Mobilization and application of resources to the financial action plans as agreed, inclusive of:
- Access to innovative financial products, including credit building loans, IDAs, secured credit cards
- Financial Club and Banking Days
- Access and connections to pro-bono and specialized resources around identity theft, bankruptcy, consolidation, tax preparation, loan modification and investment.
The principal products used Financial Coaching are Twin Accounts, offered in partnership with Local Initiatives Support Corporation and Justine Petersen, and Lending Circles, offered in partnership with Mission Asset Fund, both unique credit building products.