Because your credit score is more important than you might think, Williams College is offering all employees a new financial wellness program through a non-profit organization, Working Credit NFP. It turns out that mastering your credit score is one of the most important steps you can take to get on top of your finances. And it doesn’t matter what you make – income has no impact on your credit score.
How the Program Works
- Attend a one hour workshop covering how the credit system works; how a credit score is generated; what pushes the score up (and down), and how credit affects your daily finances.
Tuesday, May 29th, 9:00am – 10:00am OR 1:00pm – 2:00pm
- Optional one-on-one credit-building assistance from an experienced Working Credit counselor, who begins by walking you through your credit report and score and developing a budget. Your counselor then builds a detailed Credit Action Plan for you, with steps to take right away to establish or improve your score – and steps you can take in the future – to accomplish your specific financial goals. While credit is the starting point, your counselor can handle a broad array of financial issues – from student loan and medical debt to homeownership. Your counselor works with you for 18 months, sharing a new credit report and score every six months, along with a report that explains what changed since the last report, why it changed, and what you can do to continue to build credit and reap the financial rewards.
The workshop is offered at no cost and one-on-one counseling is available for $5/paycheck ($10/month) for 18 months.
This workshop is designated as eligible for the Wellness at Williams incentive. For more information about the Wellness at Williams Program, see the 2018 Wellness Program Announcement.
- Will my employer have access to my personal information, including my credit score?
No. Working Credit NFP keeps all of your personal information, including your credit report and score, confidential at all times. We don’t share any of your personal information with your employer.
- Why Is Credit So Important?
Your credit score is one of your most important financial tools. Credit affects whether you can rent a quality apartment, whether you’ll get a mortgage, and what rate you’ll get when you need to buy a car. It may effect the premium you’ll pay on your car insurance, whether you can get a credit card, and even whether you can access a basic checking account. An example: two people purchase the same car, but one has a good score (670), and the other has a low score (580). The one with a good credit score gets 5% interest on a car loan, while the one with poor credit gets 25% interest. Based on credit score alone, the person with poor credit pays $6,288 more for the same exact car.
- What if I have no score?
Working Credit offers a risk-free, 0% interest credit builder loan that can help you establish a score and save money in the process. Employees with no score can use the product to establish a prime score (over 660) in as little as 6 months. Employees with low scores can use the product to get a 30-50 point increase, also in 6 months. The product is offered at 0% interest and with no fees (through the support of foundation grants).
- What is credit building?
Credit building helps you get positive information onto your credit report. Paying your cable bill, phone or electric bill on time doesn’t build credit because these payments don’t get reported to the credit bureaus. The only way to establish a good score is to open at least one good line of credit—an installment loan or credit card – and manage it well. Working Credit helps you do this.
- How can Working Credit NFP help me?
- If you’re saving for a big purchase, such as a car or home, and want the best rates and terms.
- If you have bad credit, collections or judgments against you, or no credit score at all.
- If you already have good credit, but want to make it great.
- If you’re struggling with student loan debt, even if your loans are in default.
- If you simply want to learn more about the credit scoring system and how it works—either for yourself or to share with your children or loved ones.