finEQUITY

We served formerly incarcerated community members and their families on their journey to navigate credit barriers and establish credit. First, we provided community members with free summaries of their current credit report and what their credit report conveys to prospective lenders and landlords. We also enrolled community members who are credit invisible (with no previous credit history) in our credit-establishing loan service. Through this service, we provided participants with a $100 no-interest, no-fee loan that is paid back over 6 months and establishes a healthy credit score in the mid-600s. In 2022, 100% of community members who completed repayment of finEQUITY's loan established a healthy credit score. finEQUITY also provided community members with guidance around accessing no-cost financial resources and navigating financial emergencies. Additionally, we served currently incarcerated community members across 13 NY State prisons with our post-mail-based financial education correspondence course. This 8-part course covers strategies on navigating credit barriers upon returning home from prison. More than 75% of active participants in 2022 continued to engage with our course for at least 6 months.