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THE CREDIT LINES May 2009 • Issue 2

In this Issue
Access Credit Reports
Frank Discussions
Innovation: Credit and EITC
Tip Sheet: Workforce Development
Resources

Access Credit Reports through CBA

Frank Discussions

...with CBA Executive Director

Dear colleague,

I am thrilled to announce that CBA is not only expanding Membership benefits, but also expanding our staff capacity to better serve you!

CBA is pleased to announce our CBA Access/Puller benefit! Our strategic partnerships with the major credit bureaus continue to pay off for non-profits. CBA members can now pull soft inquiry credit reports for financial counseling and outcome tracking purpose from TransUnion! We knew we were on to something BIG when one of the largest report resellers asked if CBA could help them negotiate a similar product with another credit bureau!

But access isn't everything, CBA also offers best practices to teach you how to make the most of this opportunity! How?! CBA is expanding our staff to provide better support to non-profits. This month, CBA is thrilled to announce that Katie Igrec Lima has joined our team as webmaster, newsletter guru and all around communication specialist!

Wow, May has been a busy month for me at CBA - I have been behind the microphone at 5 across the country including the AEO National Summit, the Northeastern CAP Conference, at CA Microfinance. I have enjoyed seeing many of you and look forward to continued collaboration, sharing of information and finding innovative ways to build economic inclusion.

As always, let us know how we can help you!

Best,

Vikki Frank
Executive Director

DID YOU KNOW?

There is no such thing as a free score. But consumers can get 3 free credit reports each year at annualcreditreport.com

Resources

Credit Report Ordering Tips

Nonprofit Access to Credit Reports

How Consumers Access Credit Reports

The CBA Platform is expanding! CBA membership is now your one-stop shop to ACCESS credit reports as well as REPORT to the credit bureaus.

CBA membership has its privileges!

CBA Membership now offers MORE NONPROFITS access to pull credit reports for MORE PURPOSES and at BETTER PRICES. We heard what you needed and have been working hard to negotiate new solutions and products at great pricing. Now -- if you are a nonprofit providing financial services and/or financial education whether through workforce development, EITC/VITA, IDAs, microenterprise development or housing programs -- you can pull credit reports for financial counseling!

CBA’s NEW partnership with TransUnion (TU) lets CBA members:

Pull soft inquiry TU credit report with FICO Classic score – soft pulls have no impact on your client’s score
Use reports for financial counseling and/or outcome tracking
Pay no annual or monthly fees – once set up, you just pay per credit report.
Access business pricing – starting at $5 per report with score and lower (tiered pricing based on number of reports pulled each month).
Share sample language and best practices for offering timely credit education and outcome tracking through our website, technical assistance and trainings

Interested in Tri-merge reports?

If you are a HUD-certified housing counseling agency or a certified credit counseling service, CBA's preferred partnership with First Advantage Credco offers CBA members soft pull Tri-Merge reports at great prices with no monthly fees or minimums.

CBA also helps microlenders pull Tri-Merge hard inquiry credit reports for underwriting purpose.

Want to learn more?
Visit the CBA website and complete the Join Us survey today!

Featured Innovation:
Nehemiah Gateway and the Delaware EITC Campaign

"People are very hungry for information about credit," says Joy McManus, EITC Campaign Coordinator for New Castle County at Nehemiah Gateway CDC. "It has been much easier to interest customers in the credit reports and credit education than the savings products at our free tax sites."

Success! Nehemiah Gateway Community Development Corporation has married credit building with free tax preparation via its Delaware EITC (Earned Income Tax Credit) Campaign. The Campaign promotes EITC by offering free statewide tax preparation to Delaware residents making less than $40,000. While waiting, clients are encouraged to use the free credit education service, a counseling session that includes an overview of the client's tri-merge credit reports and credit score. Clients are also provided additional literature and a referral for free credit counseling.

Read the full story in the CBA website

Highlighted Tip Sheet:
Workforce Development Credit Builder

Jobs are the New Assets?

According to a recent Time article, jobs are the new assets. With increased unemployment, people are realizing that a steady income is critical to their financial future. We know that non-profits are working double time on workforce development for job seekers. Do you know how employers are using credit checks? Do you know how many ways bad credit may impact your client's job prospects?

CBA's Workforce Development Practitioner Tip Sheet, and companion Employment and Credit Fact Sheet, will provide you the foundation for how credit and credit building interact with workforce development.

The purpose of Credit Builders Alliance - CBA - is to help low and moderate income individuals currently served by non-traditional financial and asset building institutions build their credit and access conventional financing.

Credit Builders Alliance
Tel: 202-730-9390
Email: info@creditbuildersalliance.org
www.creditbuildersalliance.org