ECONOMIC INCLUSION & WEALTH BUILDING
BOSTON
BUILDS CREDIT
BUILDS CREDIT
CREDIT: FAR MORE THAN JUST A NUMBER
In 2017, the United Way joined forces with the Mayor’s Office of Financial Empowerment and LISC Boston to launch Boston Builds Credit, a first-of-its-kind, citywide movement with an ambitious goal: to help 25,000 Bostonians achieve a prime score (660+) by 2025. There are more than 200,000 Bostonians who are either unscored or have poor credit. A good credit score opens the door to renting a home, building assets, and low interest rates and fees, among other benefits. With our network of partners, we provide services ranging from credit building workshops to 1:1 financial coaching.
BOSTON BUILDS CREDIT BY THE NUMBERS
Bostonians who are either unscored or have poor credit
Poor credit can cost Bostonians ~$238,000 more in fees and interest over a lifetime
8 dollars is the average net worth of black Bostonian families
We seek to help 25,000 Bostonians reach a prime score of 600 or better
GOOD CREDIT
Provides access to low-cost credit cards, mortgages, car loans, and many of life’s other necessities
A TRANSFORMATIONAL OPPORTUNITY FOR BOSTON
Boston has some of the highest economic inequality in the nation, with an unacceptable racial wealth divide. The average net worth of white families is $247,000 while the average net worth of black families is $8. While a variety of factors fuel this situation, credit building is an important and underutilized tool to open doors for all Bostonians to build assets, reduce expenses, and pursue their goals.
