The City of Knoxville announced a new program that “aims at raising awareness and providing assistance to individuals striving for credit scores that promote financial stability.”
A credit score of around 720 can make a real difference in access to financial tools, like capital for a small business and lower rates for home loans. Knoxville agencies are offering free workshops on July 19 & 20. Learn more at https://t.co/1iuU266iwk #FinancialLiteracy720 pic.twitter.com/L67FR9b1bO
— City of Knoxville (@CityKnoxvilleTN) July 5, 2023
The Financial Literacy 720 campaign is a partnership between the City of Knoxville and Knoxville-area organizations to provide resources and assistance to individuals who seek to improve their credit scores.
Specifically, the program will:
- Generate awareness of free financial literacy resources in the community;
- Direct all to a directory of resources available for individuals and small businesses to access as needed;
- Provide free virtual or in-person activities such as workshops, seminars, and more.
The program’s free resources are available to both English and Spanish speakers, the city notes.
The average credit score among Knoxville residents is around 711, according to data compiled by WalletHub. Meanwhile, a credit score of 720 is a “pivotal step toward financial well-being,” according to financial experts and credit counseling organizations.
Knowing your credit score and how to improve it can help connect you and your family to financial tools that build stability and wealth. Several financial institutions are offering free workshops as part of the Financial Literacy 720 campaign. https://t.co/es0JpfwTXT
— Mayor Kincannon (@MayorKincannon) July 5, 2023
“A score of 700 or higher can significantly improve one’s chances of securing loans with better interest rates. It can make a difference in whether purchasing a home becomes possible or whether a new business can access the necessary start-up capital,” the City of Knoxville writes on its website.
While commenting on the program, Knoxville Mayor Kincannon emphasized the importance of a healthy credit score, saying, “It can unlock opportunities and pave the way for wealth-building. The good news is that numerous local organizations offer free credit counseling services and are ready to lend their expertise.”
The city’s Financial Literacy 720 campaign is set to launch on July 20 (7/20).
The current credit scoring model was introduced by FICO in 1989. As noted by CNBC, “FICO scores were then cemented as a crucial part of the financial decision-making process when Fannie Mae and Freddie Mac started requiring mortgage applicants to submit them in the mid-1990s.”
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
