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.
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.
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