Credit Building CBA. Loews Hotel JULY 13. Washington, DC. National Association of Home Builders JULY 14

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1 2016 Credit Building Symposium JULY 13 JULY 14 Loews Hotel Washington, DC National Association of Home Builders Washington, DC

2 Welcome Letter Welcome from Letter Dara from Duguay, Dara Duguay, Executive Executive Director Director Welcome. On behalf of Credit Builders Alliance (), we are very pleased to present Welcome. On behalf of Credit Builders Alliance (), we are very pleased to present our third annual Credit Building Symposium. our second annual Credit Building Symposium. After a very successful inaugural symposium in 2014, has organized a robust agenda After very successful inaugural symposium in 2014, has organized an even more this year with an impressive lineup of experts. Interest in credit building continues to grow robust agenda this year with an impressive lineup of experts. Interest in credit building as the need to build credit remains of critical importance. The problem is highlighted in is growing as the need to build credit has also grown in importance. The problem is the CFPB s report Data Point: Credit Invisibles, which found that 26 million Americans are highlighted in the CFPB s recent report Data Point: Credit Invisibles, which found that credit invisible. This figure indicates that one in every 10 adults does not have any credit 26 million Americans are credit invisible. This figure indicates that one in every 10 adults history with a nationwide consumer reporting agency (NCRA). The report also found that does not have any credit history with a nationwide consumer reporting agency (NCRA). Black consumers, Hispanic consumers, and consumers in low-income neighborhoods are The report also found that Black consumers, Hispanic consumers, and consumers in more likely to have no credit history with a NCRA or not enough current credit history to low-income neighborhoods are more likely to have no credit history with a NCRA or not produce a credit score. enough current credit history to produce a credit score. As a result, many Americans are being excluded from the mainstream credit system due As result, many Americans are being excluded from the mainstream credit system due to thin or no-file credit reports. This is where s nonprofit members fill a valuable role. to thin or no-file credit reports. This is where s nonprofit members fill valuable role. They serve these communities through a range of nontraditional microlending, financial They serve these communities through range of nontraditional microlending, financial education and other asset building programming, including credit building. education and other asset building programming, including credit building. In 2006, was created out of a desire by nonprofit lenders to help their clients build In 2006, was created out of desire by nonprofit lenders to help their clients build credit. filled a gap that prevented nonprofits from reporting their loan payment data credit. filled gap that prevented nonprofits from reporting their loan payment data because they either lacked the lending volume or capacity to do so directly. Through, because they either lacked the lending volume or capacity to do so directly. Through, over 180 qualifying nonprofits now report over 36,000 tradelines per month to Experian, over 160 qualifying nonprofits now report over 28,000 tradelines per month to Experian and Transunion and Equifax, which totals over $1 billion in loans. Transunion (Equifax just approved s membership to report to them), which totals over Over $749 million the last in 10 loans. years, has grown tremendously and now offers an array of other services: Over the last 9 years, has grown tremendously and now offers an array of other Helping services: nonprofits access credit reports as a financial coaching and underwriting tool (Approx. 9,000 credit reports pulled monthly); Helping nonprofits access credit reports as a financial coaching and underwriting tool Building (Approx. the 8,000 capacity credit reports of affordable pulled housing monthly); landlords to report rental payments; and, Training Building and the capacity consulting of affordable on starting housing and strengthening landlords to credit report building rental payments; programs and and, highlighting best practices. Training and consulting on starting and strengthening credit building programs and We highlighting recognize that best one practices. of our greatest assets is our network of practitioners engaged in innovative credit building programming every day, and we are proud to support their efforts. We recognize that one of our greatest assets is our network of practitioners engaged in innovative credit building programming every day, and we are proud to support their efforts. Dara Duguay Executive Dara Duguay Director/ Executive Director/

3 Core Core Services Reporter Reporter and and Business Business Reporter enable nonprofit lenders Reporter enable nonprofit lenders to report their individual and business borrowers monthly microenterprise, small to report their individual and business borrowers monthly microenterprise, small business, and consumer loan payments to the major credit bureaus: Experian, business, and consumer loan payments to the major credit bureaus: Experian, TransUnion, Equifax, Experian Business and Dun & Bradstreet. s members can TransUnion, Equifax, Experian Business and Dun & Bradstreet. s members can offer their clients not only a loan to launch a business or meet a household need, offer their clients not only a loan to launch a business or meet a household need, but the ability to build positive personal and business credit history. but the ability to build positive personal and business credit history. Access enables nonprofits engaged in lending and/or financial education Access enables nonprofits engaged in lending and/or financial education to get credentialed to pull and purchase credit reports from the major credit to get credentialed to pull and purchase credit reports from the major credit bureaus TransUnion and Experian at reduced prices in order to underwrite bureaus TransUnion and Experian at reduced prices in order to underwrite loans, provide financial education, and track client and program outcomes. loans, provide financial education, and track client and program outcomes. Rent Rent Reporting is a service that supports mission-driven affordable Reporting is a new service that supports mission-driven housing providers to implement rent reporting as a credit building strategy for affordable housing providers to implement rent reporting as a credit building their residents and as an incentive for on-time rent payment. The Rent Reporting strategy for their residents and as an incentive for on-time rent payment. The for Credit Building model pairs the monthly reporting of resident rent payments Rent Reporting for Credit Building model pairs the monthly reporting of resident to major credit bureaus for inclusion on traditional consumer credit reports with rent payments to major credit bureaus for inclusion on traditional consumer financial coaching/education and asset building. Rent Reporting for Credit credit reports with financial coaching/education and asset building. Nearly 80% of Building supports organizations to assess their rent reporting capacity and options; residents who participated in s rent reporting pilot experienced a substantial design an initiative specific to their organizational objectives, resident population, credit score increase. has helped nearly a dozen affordable housing providers and existing programming; and implement the initiative and measure its success. to leverage rent reporting as a credit building opportunity for their residents. Rent Reporting for Credit Building supports organizations to assess their rent reporting Credit capacity as an and Asset options; training design has an been initiative offered specific since to 2008 their to organizational nonprofit lenders, objectives, financial resident coaches population, and educators, and existing social programming; service providers and and implement others the interested initiative in and promoting measure financial its success. stability and inclusion. The training aims to help participants understand credit building and credit education as a foundational component of any successful asset building program for underserved clients. Credit as an Asset training has been offered since 2008 to nonprofit For lenders, more financial information coaches about and educators, Reporter, social service Access or providers trainings and others for your organization/community, interested in promoting please financial contact stability us at and info@creditbuildersalliance.org inclusion. The training aims to help or participants understand credit building and credit education as a foundational component of any successful asset building program for underserved clients. For more information about Reporter, Access or trainings for your organization/community, please contact us at info@creditbuildersalliance.org or

4 Pre-SYMPOSIUM Agenda Part I 8:30 AM Breakfast 9:00 AM Welcome 9:10 AM Research Findings: insights on Millennials & Credit 1. Presentation LexisNexis Risk Solutions & nix Neighborhood Lending 10:45 AM BREAK 11:00 AM Research Findings: how Credit Education Affects Behavior 1. Presentation PERC 11:30 AM Research Findings: reaching Minority Households 1. Presentation Filene Research Institute NOON 1 pm LUNCH Presentation by FICO (Open Access) July 13, :30 am to 4:30 pm Loews Hotel th St. NW, Washington, D.C Part II Credit Education Afternoon 1:00 PM Credit Education Partners with 1. Panel (Moderated by Sarah Chenven, ) The Financial Clinic All in one platform that enables non-profits to incorporate financial coaching strategies into their programs Justine PETERSEN Training modules and tests designed to help financial counselors assess their credit report reading skills and understanding of credit building LifeCents An online financial education program that helps consumers improve their financial health 2:15 PM BREAK 2:30 PM Members-only 1. Listening Session - How can best support your credit building endeavors and create a more cohesive credit building community? What problems affect your work the most? How do you surmount challenges? 4:30 PM Debt Collection: all You Ever Wanted to Know 1. Q&A Session DBA International 5:15 PM Close of Day One s Training 5:30 7:00 PM Reception Announcement by nerdwallet #Sym16

5 Symposium Agenda Part I 8:30 AM Breakfast 9:00 AM Welcome (Jeanne Hogarth, Board Chair & CFSI V.P.) 9:10 AM Legislative Updates (Congressman Ellison) with intro by Sarah Davies, VantageScore 9:30 AM Closing the Racial Wealth Gap 1. Keynote Presentation Gabriela Sandoval, TURN 10:15 AM Regulatory Updates Susan Stocks, CPFB Intro by Naomi Camper, JPMorgan Chase 10:45 AM BREAK 11:00 AM Closing the Racial Wealth Gap through Entrepreneurship 1. Discussion (moderated by Nancy Marshall-Genzer, Marketplace Radio) Goldman Sachs NCLR CFED AEO NOON 1 pm LUNCH 12:30 1 PM Speaker (Joyce Klein, The Aspen Institute) Discussant (Celina Pena, LiftFund) July 14, :30 am to 4:30 pm National Association of Home Builders th Street NW, Washington, DC Part II 1:15 PM Credit Building Non-profit Panel: Working w/target Populations to Close the Racial Wealth Gap 1. Panel (moderated by Dara Duguay, ) Youth My Path & Young Invincibles Parishioners Capital Good Fund Formerly Incarcerated Innovative Changes Veterans RDI Financial Communities of Color NAACP 2. Discussion 2:15 PM BREAK 2:30 PM Credit Builder Products Minimizing risk & Maximizing Impact: to Close the racial Wealth Gap 1. Panel (moderated by Rob Meloche, Visa) Rent Reporting (Cleveland Housing Network) Credit Builder Loan (LifeAsset/Jubilee Housing/CAAB) Key Findings from Credit Builder Loan Evaluation (CFPB) Anthem Product (Core Logic) CreditWise (Capital One) 2. Discussion 3:45 PM Measuring Success: to Close the racial Wealth Gap 1. Presentation (introduced by Nancy Stark, Capital One) Standardizing Credit Building Outcomes (Sarah Chenven, ) #Sym16 4:15 PM Awards 4:30 PM Closing comments/ Adjourn

6 Credit Builders Alliance Board Jeanne M. Hogarth, Center for Financial Services Innovation (CFSI) Board Chairman Livingston Parsons, Accion Governance Committee Chair Evelyn Burnett, Cleveland Neighborhood Progress Vice Chairman, Marketing Committee chair Andrew Posner, Capital Good Fund Finance Committee Chair Peter Maynard, Equifax HR Committee Chair Diana Avellaneda, Latino Economic Development Center (LEDC) Laura Fisher, Vox Global Marvin Ginn, Native Community Finance Joyce Klein, The Aspen Institute Beth Lipson, Opportunity Finance Network Stuart Pratt, Consumer Data Industry Association (CDIA) Jose Quinonez, Mission Asset Fund (MAF) Kristen Schell, Working Credit NFP Nancy Stark, Capital One Yanki Tshering, Business Center for New Americans (BCNA) Patrick Walker, Political and Economic Research Council (PERC) Nancy Yuill, Innovative Changes Staff Dara Duguay Sarah Chenven Sean Hogan Elisabeth Johnson Mary Jo Halder Kseniya Zubkova Carmina Lass Executive Director Deputy Director Finance Manager Director of Membership Membership Associate Operations and Program Associate Director of Training and Consulting

7 Sponsors EXHIBITORS Consumer Financial Protection Bureau Experian Federal Trade Commission FICO LexisNexis Risk Solutions LifeWise Strategies nerdwallet The Financial Clinic

8 1701 K Street NW Suite 1000 Washington, DC creditbuildersalliance.org info@creditbuildersalliance.org #Sym16