In October, we joined Mayor Marty Walsh, the City of Boston’s Office for Financial Empowerment, and LISC Boston to launch Boston Builds Credit, a first-in-the-nation city-wide credit building initiative, which will help 25,000 Boston residents attain a credit score of 660 or higher by the year 2025 through financial education and one-on-one financial coaching. The program will be launched in Roxbury, and will expand to Dorchester and Mattapan in the following years.
For many, poor credit is the biggest barrier standing in the way of financial opportunity. More than 250,000 people in Suffolk County have either no credit scores or poor credit scores. That’s more than a quarter-million people who have no savings buffer for income ups-and-downs or emergencies, which can very quickly lead to a financial crisis.
Credit, whether it is good or bad, affects many aspects of our daily lives. Trying to find a more affordable apartment or a better mortgage rate? Need a new job, car, or even just a cell phone? It’s all about credit. When you have poor credit, even the simplest things seem impossible.