Get Smart About Credit

September 4, 2018

Bankers Trade Offices for Classrooms During National Financial Education Program

Gary Korotzer, Executive Vice President, Consumer Credit Solutions Group, Wells Fargo

(San Francisco, CA, Tuesday, October 22 2013)  – More than a thousand Wells Fargo & Company team members are expected to volunteer in classrooms and nonprofits throughout the country as part of Get Smart About Credit, a national financial education program about the responsible use of credit.

This is the eighth year Wells Fargo has participated in the initiative, and the company is continuing to expand its participation to include schools and nonprofit organizations during the entire month of October.  In 2012, more than 1,000 team member volunteers donated 4,000 hours of time to teach 1,400 credit classes that reached more than 65,000 people.

Throughout October, Wells Fargo team member volunteers will use the company’s free, online Hands on Banking money management program to discuss topics such as lending and trustworthiness, credit and spending limits, credit histories and the cost of credit.  

Five Steps to Strong Credit

Taking control of your finances can help you manage your money and build a stronger credit history.

  1. Check your credit Report: Once a year, consumers can request a free credit report from each of the three major credit reporting agencies – Equifax, Experian and Transunion – at AnnualCreditReport.com or call 1-877-322-8228. Review the reports carefully and correct any errors.
  2. Understand the factors that affect your credit: Your credit score gives lenders a snapshot of your credit risk. By understanding what impacts your score, you may be able to improve it.
  3. Raise your credit score: Managing your credit responsibly over time is one of the best ways to improve your credit score. Five key criteria are generally used to calculate a consumer’s credit score:
  4. Create and monitor your budget online: A budget gives you more control over your finances and helps you eliminate unnecessary expenses.
  5. Know what lenders look for. When consumers apply for a loan, lenders assess their credit risk based on a number of factors, often called the Five Cs of Credit:
  • Credit history. Have you established credit and is your credit score high enough to qualify you?
  • Capacity. Is your income sufficient?
  • Collateral. Does the collateral you’re borrowing against have enough value?
  • Capital. Do you have assets set aside as another source for repayment?
  • Conditions. Does the current economy or purpose for the credit make it a risk?

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