Free ‘Check Your Credit Score Day’ Plus Free Credit Review; Southfield Mar. 26!

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Event for metro Detroiters held during National Credit Education Month; new research by WalletHub ranks City of Detroit last for credit scores at 566.

Gesher Human Services, one of the largest human service agencies in metro Detroit,

will be offering local families the chance to get a free credit score check accompanied by a free 30-minute consultation with a financial coach on Mar. 26 from 1 p.m. to 5 p.m. The event, during National Credit Education Month, is being held in the wake of WalletHub’s annual ranking of US cities’ credit scores, released on Mar. 6, which finds that the City of Detroit comes at the bottom of the list at no. 182 with its residents having an average credit score of 566. Grand Rapids residents were at no. 94 with an average credit score of 627. Check Your Score Day will be located at Gesher’s headquarters in Southfield (29699 Southfield Road) and will help participants identify issues that are preventing them from achieving their maximum credit score. National Credit Education Month aims to raise awareness about the importance of understanding and managing credit to ensure consumers manage their credit responsibly and are empowered to make informed financial decisions. Participants at the consultations will also learn tips and be provided with tools and resources to improve their credit score. To register for an appointment, click here or go to geshermi.org/events or you can call 248.233.4299; spaces are limited.

Gesher’s Financial Education Manager Laltsha Cunningham,

explained that a decent credit score could be around 680 and that scores which are less can have a huge impact on a family’s financial wellness, affecting car and home insurance rates and car and other loans. “If you have a good credit score, the loan and insurance rates you will be offered will be so much lower,” she said. “This means that a family will have more money in their budget for living expenses and savings.”

Cunningham provided some data points to showcase how a seven-year loan on a purchase of $58,000 might be affected by credit score: a consumer with a credit score of 726 might get an interest rate of 8.49 percent while a consumer with a credit score of 612 might get an interest rate of 17.99 percent. Monies eventually paid back are starkly different:

• Credit score 726: $918.22 a month; total interest $19,130.21
• Credit score 612: $1,218.62; total interest $44,362.89

“Our aim is to ensure that metro Detroiters know how to obtain and review their credit scores, understand how they are calculated and develop strategies for building and maintaining good credit,” said Cunningham. “For families who are hoping to purchase a home, raising your credit score can speed up the process of saving for that downpayment and make the purchase more affordable.” She added that it was vital for consumers to ensure that any errors in their credit report are rectified and that there is no fraudulent activity.

Gesher Human Services also provides one-on-one financial counseling to the community which can be scheduled by calling 248.233.4299 or email financialhelp@geshermi.org.

About Gesher Human Services

Gesher Human Services is a non-profit organization providing a bridge to hope and opportunity for people at work, at home and in the community. It is dedicated to helping people across metro Detroit lead more stable and fulfilling lives through workforce development, career mobility, behavioral health, inclusion programming and residential services that serve all metro Detroiters while meeting the needs of the Jewish community. The organization works with job seekers, people with disabilities, older adults, and the community at large to provide skills, support, and equitable opportunities for people to succeed. Uniting two of metro Detroit’s most influential Jewish human services agencies, JVS Human Services and Kadima, Gesher brings over 110 years of combined experience facilitating equitable employment opportunities and better mental health outcomes for residents. With a network of more than 400 employees and volunteers across 25 locations in southeast Michigan, Gesher delivers a continuum of services and support that directly impacts the lives of over 26,000 individuals and families annually. More information at www.geshermi.org.