Gesher Human Services and Huntington Bank to Offer Free Financial Education Program Plus $750 Grant to Metro Detroiters with Low Credit Scores

Photo by Kindel Media

Gesher Human Services, one of the largest human service agencies in metro Detroit, will be offering metro Detroiters with a credit score of 600 or lower the opportunity to learn how to improve their rating with a free four-week hour-long virtual financial education program. The Home Credit Initiative will be held on October 8, 15, 22 and 29 from noon to 1 p.m. and is offered to residents of Oakland, Wayne, Macomb and Washtenaw counties. On completion of the program, individual participants or households will be provided with a $750 grant to help pay off debt and hopefully improve their score. The program is made possible through a $35,000 grant from Huntington Bank; spaced are limited and there will be a waiting list. The Huntington grant will help expand access to financial education and credit-building resources, giving more residents the tools and support needed to improve their financial future. To find out if you qualify for the program and to register click here or go to geshermi.org/events/the-home-credit-initiative.

The program is being offered as a report by WalletHub published earlier this year found that out of 182 cities surveyed, Detroit residents had the worst average credit score at 570. This compared with Chicago’s score of 630, Grand Rapids’ score of 634 and Pittsburg’s score of 644; the top score of 697 was found in South Burlington in Vermont.

Gesher’s Financial Education Manager Laltsha Cunningham said that,

the agency was seeing the credit score of many clients continuing to decline, chiefly due to the increasing costs of food, gas and other commodities. “People are using their cards to keep living but as debt builds up it lowers their credit scores and makes life even more difficult,” said Cunningham. “A lower credit score can mean you get charged higher interest rates for car insurance, life insurance, home insurance. It can even interfere with you getting a job as employers may do a credit score check.”

Cunningham said that there were five factors that affect credit scores:

• Payment history
• Utilization of credit cards
• Length of credit
• Credit mix (the variety of credits you are managing, such as a mortgage, student loan)
• Inquiries for getting credit (inquiries can reduce your credit score even if you don’t end up qualifying for a loan or taking it out)

“When people have the knowledge, access and support to strengthen their credit health, they are better positioned to build financial stability for themselves and create a stronger future for the generations that follow,” said Community President of Huntington Bank Andy Meisner. “Programs like this help people understand where they stand and how to take the next step. We’re proud to partner with Gesher to bring these resources to more Detroit-area residents.”

The interactive financial education program,

which will be taught by US Housing and Urban Development (HUD) Certified Coaches, will explain credit building, teach participants how to pull and read a credit report, establish 100% payment history, reduce credit card utilization below 30%, manage credit accounts and help protect and build credit.

“We will also talk about how important it is to be proactive rather than reactive when you are struggling financially,” said Cunningham. “If you know you aren’t going to be able to make a credit card payment, don’t wait until your payment will be late. Instead reach out to the creditor to figure out a payment plan and avoid late fees because otherwise you are in a vicious cycle – late payments will also bring down your credit score.”

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, individuals with disabilities, older adults, and the broader community to provide the skills, support, and equitable opportunities necessary for people to succeed. Gesher draws on over 110 years of combined experience to facilitate equitable employment opportunities and enhance mental health outcomes for Metro Detroiters. With a network of almost 500 employees and volunteers across more than 25 locations in southeast Michigan, Gesher delivers a continuum of services and support that directly impacts the lives of nearly 38,000 individuals and families annually. More information at www.geshermi.org.

About Huntington

Huntington Bancshares Incorporated is a $284 billion asset regional bank holding company headquartered in Columbus, Ohio. A top 10 U.S. commercial bank, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Founded in 1866, Huntington operates over 1,400 branches in 21 states, with certain businesses operating nationally. Visit Huntington.com for more information.