Credit
A way to build savings and build credit at the same time
What Is a Credit-Builder Loan
APR
What is the annual percentage rate which is the percentage that represents the actual yearly cost of funds over the term of a loan?
$250,000
What is FDIC insurance level for each bank account?
What is federal government’s one-stop resource for identity theft victims?
2011
What year did EMERGE implement financial wellness services?
690
What is the average credit score for 27-42 year old?
Avalanche
what is a method of paying off debt starting with the highest interest?
Home purchase, vehicle purchase, business start up, & education
What assets can be purchased with the MN FAIM program?
Prepare and Prosper
Which organization does EMERGE partner with to help prepare taxes?
First Wednesday of the month
When does EMERGE host our monthly Financial Wellness class?
Not spending more than 30% of your available credit at any given time
What is 30% credit utilization rule?
$5221
What is the average credit card debt carried by an American?
CHEX
What report do banks run to determine elgiabity for opening an account?
prevents prospective creditors from accessing your credit file
What is a credit freeze?
Participants on average see a of 74 points increase.
What is the average credit score increase for participants working with a financial coach?
Payment History
What is 35% of your credit score?
Exodus Lending
Who is EMERGE's partner who helps participants get out of payday loan debt?
FAIR Financial
What is the partnership EMERGE has to help with checking and savings accounts?
Transunion
Which credit report can participants receive for free from a financial coach?
$2994
What is the average savings increase for participants working with a financial coach?
635
What is the average credit score of an EMERGE participant?
Medical Debt
What is one of the leading causes of bankruptcy?
$6000
What is the FAIM match for a participant savings of $2000?
Every participant
Who is eligible for Financial Wellness services
$4823
What is the average debt participants reduce while working with a financial coach?