Freddie Mac announced his news CreditSmart Financial Capability Program, aimed at helping consumers understand the importance of building, maintaining and using credit so they can take control of their financial future.
According to a recent Freddie Mac survey of landlords and tenants, many Americans are confused about the impact debt has on their credit profile. For example, one in three Americans don’t know that credit score items, such as how long they’ve used credit or having joint credit and loan accounts, are reported to credit bureaus. Additionally, more than half of landlords and renters don’t know that late payment for their home can lead to a downgrade in their credit rating, while nearly 60% don’t know or realize it can. affect their ability to obtain a loan in the future.
“Financial education is personal and that’s why we’ve reinvented CreditSmart with new tools that allow individuals to personalize their learning experience,” said Cindy Waldron, Vice President, Single-Family Housing Studies and Solutions at Freddie Mac. “This recently released program will help consumers set and achieve their financial goals at their own pace. And, since CreditSmart is optimized for mobile devices, we put that power in the palm of their hand.
Over the past two decades, more than five million consumers at various stages of their lives have benefited from IntelliCredit’s financial education, which is available free of charge. In addition, tens of thousands of housing professionals have become IntelliCredit facilitators to give back to their community. The new CreditSmart Essentials program builds on this tradition by making financial education challenging, not intimidating, with a personalized experience tailored to the needs of consumers, including new personalized content for tenants.
“The information available in Freddie Mac’s CreditSmart course help our Real estate agents changing the financial trajectory of families and entire communities, ”said Tami Bonnell, CEO of EXIT Realty Corp. International. “Understanding what it takes to get good credit, access homeownership and build wealth is now within reach. This is powerful information!