In today’s economy, a credit score opens doors or closes them, and all too often low-income young adults have no credit or have damaged credit. The only program of its kind in the U.S., MyPath Credit engages young adults in credit-building and saving, increasing their access to quality employment, quality financial products, college, entrepreneurship and housing.
Integrated into existing youth workforce settings that reach young adults ages 18 – 24 years old earning money, MyPath Credit combines credit-building loans and savings products with one-on-one financial coaching. Enrollment and implementation are made easy for participants through automatic payments and direct deposit.
- 85% of MyPath Credit participants see an improved FICO credit score at the end of the program.
- MyPath Credit participants that start with no credit achieve average credit scores between 650 and 700 within six months of the program.
- MyPath Credit participants with damaged credit experience an average jump of 30+ points after six months of the program.
MyPath Credit’s innovation and promise were highlighted in The Power of Credit-Building by Credit Builders Alliance & Asset Funders Network in 2014. The report showcases the importance of both building and rebuilding credit with low-income populations. MyPath Credit was featured as the only such program serving youth in the United States.
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Become a Partner
If you are interested in learning more about our MyPath Credit model, please contact our Director of Programs, Shirley Yee, at Shirley@MyPathUS.org.