Freddie Mac has announced its new CreditSmart financial capability curriculum, aimed at helping consumers learn about the importance of building, maintaining, and using credit so they can take control of their financial future.
According to a recent Freddie Mac survey of homeowners and renters, many Americans are confused about the impact of debt on their credit profile. For example, one in three Americans are not aware that credit score elements, such as the length of credit usage or having joint credit and loan accounts, are reported to credit bureaus. Additionally, more than half of homeowners and renters are not aware that being behind on their housing payment can result in an impaired credit rating while nearly 60% do not know or realize it can impact their ability to get a loan in the future.
“Financial education is personal and that’s why we’ve reinvented CreditSmart with new tools that empower individuals to customize their learning experience,” said Cindy Waldron, VP, Single-Family Housing Insights and Solutions at Freddie Mac. “This newly released curriculum will help consumers define and achieve their financial goals at their own pace. And, since CreditSmart is optimized for mobile devices, we put that power in the palm of their hand.”
Over the past two decades, more than five million consumers at various life stages have benefitted from CreditSmart’s financial education, which is available at no cost. Additionally, tens of thousands of housing professionals have become CreditSmart facilitators as a way to give back to their communities. The newly released CreditSmart Essentials curriculum builds on this tradition by making financial education empowering instead of daunting, with a personalized experience tailored to consumers’ needs, including new content customized for renters.
“The information available in Freddie Mac’s CreditSmart courses is helping our Realtors change the financial trajectory for families and whole communities,” said Tami Bonnell, CEO, EXIT Realty Corp. International. “Understanding what it takes to build good credit, achieve homeownership, and build wealth is now within reach. This is powerful information!”