More than 70 credit counselors from cities across the country participated in a workshop focused on credit issues facing low- and moderate-income communities at the Federal Reserve Bank of New York earlier this month. Part of the New York Fed’s newly launched financial inclusion initiative, the workshop was hosted by both the New York Fed and Cities for Financial Empowerment Fund, a nonprofit organization.
Attending credit counselors were introduced to the New York Fed’s Community Credit tool, which measures the financial well-being of communities by examining credit conditions at the state and county levels. Counselors used the interactive and gathered metrics for their states and counties, in addition to comparing them with other regions. They also discussed ways to use the metrics in their work with clients.
Afterward, the counselors heard from experts on issues relating to student debt and credit scores. They also learned about the different credit scores used by credit bureaus, including the newly introduced FICO scores.
As part of its financial inclusion initiative, the New York Fed plans to continue collaborating with community organizations to learn how the New York Fed’s research and tools can assist them in making informed decisions, developing effective interventions and serving their clients better.