Consumer Financial Services Webinar Series. Webinar #3: Strengthening CDFI Borrowers through Credit Reporting August 11, :00 2:00 PM ET
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1 Consumer Financial Services Webinar Series Webinar #3: Strengthening CDFI Borrowers through Credit Reporting August 11, :00 2:00 PM ET
2 Agenda NEXT Awards and Consumer Financial Services Webinar Series Why Credit Building? CBA programs Rapid Response Team service Q&A
3 Presenters Beth Lipson, EVP, Strategic Initiatives Opportunity Finance Network Dara Duguay, Executive Director Credit Builders Alliance Michelle Parker, Relationship Associate Credit Builders Alliance Derek Williams, Program Manager, Entrepreneurship The Rural Center Diana Avellaneda, Program Manager for Lending Latino Economic Development Center
4 2015 NEXT Awards and Consumer Financial Services Webinar Series Year-long Awards program Goals Take CDFIs to the next level of growth and impact Increase visibility of CDFIs and the work they do Combine financial support, visibility, learning, and sharing theme of expanding coverage 2015 subtheme: consumer financial services The Consumer Finance Webinar series to set the context for and support the theme of consumer financial services
5 2015 NEXT Awards and Consumer Financial Services Webinar Series Past webinars: Webinar #1: Current Trends in Consumer Behavior and Financial Products Webinar #2: Lessons Learned in Developing, Innovating, and Scaling Consumer Financial Products and Services Next Webinar: Building a Small-Dollar Loan Product Tuesday, September 15, 2015, 1:00 2:00 PM ET Listen to the webinar recordings and register for the next webinar at nextawards.org/awards
6 Why Credit Building? Increases Access & Options What and how much we pay for credit How we store & manage our money How we get around Where we live The cost of household/ personal needs
7 Why Credit Building? Increases Opportunity DISCREDITED 47% of all employers conduct credit checks on job applicants 1 in 10 report being denied a job due to negative information on their credit report
8 Why Credit Building? Improves Asset Building Options Home-ownership Small Businesses Higher Education
9 Why Credit Building? INCREASES SAVINGS Potential Savings over each month = $ years = $69, year fixed mortgage of $100,000 Score Interest Rate Monthly Payment <620 N/A N/A % $1, % $960 Source:
10 Why Credit Building? Catch-22
11 Good Credit is an Asset What is Credit Building? Credit Repair = fixing negative history Credit Counseling = dealing with current crisis Credit Building = creating opportunities for future financial success
12 Experian Analysis CBA members over a two year span The overall CBA population includes a significant high risk population with 39% considered subprime Without the CBA trade, consumer who pay as agreed would experience score decreases and shifts into less desirable credit risk segments: 11% more subprime consumers 8% fewer prime consumers
13 Experian Analysis CBA members over a two year span Consumers who open a CBA trade and pay as agreed can grow their credit history over time: 58% experienced score increases 24 months from the CBA trade open date The prime population increased by 5% over 24 months Over 73% of consumers increased their active, open trades
14 CBA s Credit Building Platform Reported to consumer and business credit bureaus every month by over 160 members CBA Reporter CBA Business Reporter CBA Rent Reporter CBA Access
15 CBA Access Do you provide financial education?
16 CBA Access Client Benefits Awareness about credit report importance. Grasp credit strengths and weaknesses. Confirm personal and account information. Check for identity theft and inaccuracies.
17 CBA Access Organization Benefits Pair reports with education for maximum asset building. Track education outcomes and success. Support best underwriting practices. Increase funding opportunities and partnerships. Access to CBA s member community.
18 CBA Access The CBA Advantage Streamlined TransUnion and Experian application process to bureaus for soft- and hard-inquiry reports. Waived monthly fees and minimum requirements. Reduced set-up, site-visit, and credit report pricing. Ongoing technical assistance and member education opportunities. Credit report interpretation and compliance assistance. New!!! Credentialing to access Clarity ChexAdvisor reports (coming in the fall)
19 CBA Access What It Takes Non-profit designation. Credit-building mission. Established program(s) and office space. Dedicated staff time/resources. Data Security/Compliance. Permissible purpose(s) lending and financial education. Supporting documentation. Lending license or exemption for lenders using reports.
20 CBA Reporter & Business Reporter Do you provide loans?
21 CBA Reporter & Business Reporter Consumer & Small Business Benefits Consumer reporting to Experian, Equifax and TransUnion to build consumer credit for a more affordable future. Business reporting to Dun & Bradstreet and Experian Business to build commercial credit for long-term business growth. Reward timely clients and businesses while holding delinquent ones accountable. Positively impact consumer behavior and outcomes. Foster consumer loyalty to credit-building products.
22 CBA Reporter & Business Reporter What It Takes Non-profit designation. Credit-building mission. Commitment to long-term lending and reporting. Established program(s) and office space. Data security/compliance. Dedicated staff time and resources. Supporting documentation. Metro 2 software. Lending license/exemption.
23 The CBA Advantage Invest in your Credit Building Capacity! Join our CBA Credit Builder Community The greatest source of credit building expertise lies in the combined experience and knowledge of practitioners on the ground.
24 Need Help? Free CBA Site Visits thanks to CBA received a grant that allows us to send a master trainer from our Rapid Response Team (RRT) to your organization for a site visit. During this visit our trainer will: Help your organization with setting up and getting ready to start reporting your loan portfolio to the major Credit Bureaus. Go through the obligations as a data furnisher required under the Fair Credit Reporting Act (FCRA). Review the consumer dispute process & how to respond. And more. Just call us and we can start the process.
25 Meet our Trainers! Diana Avellaneda Program Manager, Lending at the Latino Economic Development Center (LEDC) in Washington, DC Became a RRT Trainer in early 2015
26 Meet our Trainees! Derek Williams Program Manager, Entrepreneurship at the North Carolina Rural Economic Development Center (NCREDC) in Raleigh, NC Received RRT training in July 2015
27 Get Started with CBA! Write or call to get started! CBA Membership Team
28 Q&A Type questions into the question box located in your GoToWebinar panel.
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