A good credit history and credit score can pave the way to better jobs, lower interest rates and asset building. LISC Financial Opportunity Centers work closely with clients to remedy expensive debt and set up manageable payment plans that help grow a healthy credit rating. LISC Twin Accounts™ are a tool designed to help low- to moderate-income people build credit and save money at the same time.
This PowerPoint gives an overview of the Experian Rent Bureau, which is an alternative service for rental data, and explains how prepaid cards can be beneficial to clients. The detailed presentation from 2010 by the Credit Builders Alliance includes pros and cons and detailed examples PDF
This presentation explains the basics of the LISC Twin Accounts program, including facts about collections. PDF
From the Credit Builders of America, this four-page tip sheet gives the basics on how credit histories impact employment, including how employers use credit reports as part of the hiring or promotion process. PDF
This presentation by the Access Project from 2012 gives the statistics behind medical debt, the impact of medical debt, and collections in relation to medical debt. PDF
LISC Twin Accounts combines the incentives provided in an Individual Development Account (IDA) with credit building to achieve a high level of impact on an individual’s financial bottom line. A two-page overview gives the basics. PDF
Prior to offering Twin Accounts, all financial coaches must complete an online assessment through Justine Petersen. Directions on accessing the portal can be found here.
Each state that offers Twin Accounts has a separate policies and procedures document.
A LISC Excel spreadsheet gives the details of interest rates and other figures for each state.
This six-page document explains how FICO scores work, how to access your score, and how more than a dozen financial behaviors over the course of the year would effect a hypothetical family. PDF
Upon completion of Twin Accounts, clients are graduated to a secured credit card. One option is the Capital One Secured credit card, which has no annual fee.
Another option is the PNC secured card, which has a lower APR than the Credit One card but does have an annual fee, which is charged monthly.
This Word document is a template that can be filled in with a client’s information to serve as an authorization for an agency to pull the client’s credit report and FICO score for review with the client. Word doc
As part of a client’s complete Combined Financial Assessment (CFA), a coach should access the client’s credit score and trade line information from their credit report. This two-page document explains the basics of the process. PDF