Working Credit NFP Adds Itself Among Must-Have Employee Benefits for Improving Financial Health of Employees
CHICAGO (PRWEB) June 20, 2018 -- On Wednesday, June 20, Working Credit NFP, a non-profit organization that enables employers to provide their employees with the tools and information needed to improve their credit score and advance their financial circumstances through credit building counseling and education, is presenting at SHRM18, the largest human resources conference and exposition in the country at McCormick Place.
For the nearly 21% of Americans who have low credit scores to the 19% who have no FICO credit score, Working Credit offers an employer-based path to building credit and better overall financial health. This benefit is even more impactful in low-income neighborhoods where 45% of adults have no credit and an additional 38% have low credit scores.
Working Credit will present the results of its partnership with Harvard University Campus Services. Key results included the number of employees with prime FICO scores (> 660) increasing by 39%. This translates to the ability for employees to qualify for a mortgage, avoid predatory car loan rates and terms, and increasing their ability to afford reliable transportation and to live closer to work.
The number of employees with at least $1,000 available on credit card(s) also increased by 45%, which means employees can weather a financial shock, like an unexpected car repair or medical emergency. For many employees, especially lower-wage employees, one unexpected expense can cascade into eviction, repossession or other life-changing situations. By tracking employees who have available credit indicates an employee population that is financially healthier and able to recover from a financial shock.
Working Credit, a low-cost, high-impact employee benefit, teaches individuals best practices for establishing and increasing their credit score, and how to use a good score to reduce expenses inflated by either poor credit or lack of credit. Having a poor credit score or no credit score means that individuals are subject to high rates on loans, poor quality housing, and more.
“Many people believe you can’t recover from bad credit, when, in fact, you can, and it’s more attainable than most people think,” said Co-Founder and CEO, Ricki Granetz Lowitz. “We’re so proud of the success from our work with Harvard University Campus Services and are excited to present at one of the most important conferences in the human resources industry. We know that improving financial health can improve the quality of life for so many people.”
Your credit score has nothing do with your income or whether you own a home, it’s all about what credit products you use and how well you manage them. In fact, 61% of participants increase their credit score within the first six months.
“Offering to pilot Working Credit to the University’s Dining Services’ staff was a great decision,” said Susan Simon, Senior Human Resources Consultant at Harvard University. “We have offered more traditional budgeting and saving programs that were not been nearly as effective. We knew we had made the right decision when more than 70% of those attending the workshop signed up for the program, and then came to our office to thank us for providing it.”
Through its partnerships with employers, Working Credit has seen significant improvements in employees, especially lower wage employees, generating prime FICO scores, and subsequently using those scores to access good rates and terms on financial products, better quality rental housing and quality of mortgages.
“Everyone benefits from good credit. We started Working Credit because we saw a gap in employee’s financial health and being able to afford necessary items of everyday life, much less save for the future,” said Co-Founder and President, Amanda Carney. “Our program allows participants to recognize that they have agency and can take control of this critical part of their financial lives, and we’re thrilled to present our findings with Harvard University Campus Services at the SHRM conference to illustrate the important impact it can have.”
Working Credit will present at the SHRM Conference from 11:30am – 12:45pm as part of the “Beyond the next Paycheck: Financial Wellness for Young Workers” panel.
About Working Credit NFP
Working Credit NFP is a low-cost, high-impact employee benefit for employers that want to provide their employees with the tools and information needed to advance their financial circumstances. Working Credit has designed a flexible, scalable employee benefit to help working families build and sustain strong credit scores and then use credit improvements to reduce expenses inflated by poor credit or no credit. A non-profit organization, Working Credit serves employers in the corporate, nonprofit, or public sectors.
Tom Lupa, +1 847-946-7825, [email protected]
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