Operation HOPE launches the HOPE Community Credit Score Index, a first-of-its-kind tool to map America’s financial well-being

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The HOPE Community Credit Score Index provides a corner-by-corner snapshot of a community’s financial health as measured by average resident credit scores

ATLANTA–(BUSINESS WIRE)–Operation HOPE, Inc., the nation’s largest nonprofit dedicated to financially empowering underserved communities, today announced the launch of the Community Credit Index HOPE, the first of its kind tool that measures neighborhood-by-neighborhood average credit scores across the United States Revealed for the first time today on CNBC scream box By Operation HOPE President, Founder and CEO John Hope Bryant, The HOPE Community Credit Index works by overlaying residents’ credit scores with other critical data on education, property, income, l life expectancy and crime to identify and use the most needy neighborhoods. data to help inform policies, programs and service offerings, and provide residents with a better understanding of the financial health of their specific community.

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Operation HOPE uses this data to help solve community financial problems, corner by corner. In partnership with some of the largest financial institutions and municipalities large and small, Operation HOPE – through its 200 HOPE indoor pitches across the country – provides credit counseling and financial education that boosts credit scores, which impacts residents’ ability to borrow money, the likelihood that they can be resilient during difficult times and their ability to achieve financial goals such as buying a home or starting a business.

“Our nation’s problems are largely economic and how we measure them is critical. The HOPE Community Credit Score Index provides the most accurate measure of a community’s financial well-being available anywhere,” said Bryant. “The HOPE Community Credit Index clearly shows how the economic disparity between an average credit neighborhood of 500 and an average credit neighborhood of 750 nearby impacts a community. Improving credit scores is a tangible and measurable first step in closing the gap between people who have access to capital and financial security. Of all the low-credit communities across the country that our 200 HOPE Inside locations serve – whether urban or rural, black or white – we see the same thing: check tellers, liquor stores and payday lenders on every corner. Our mission at Operation HOPE is to replace them with quality local retail, banking and small businesses that contribute to the well-being of the community. The HOPE Community Credit Score Index gives us a tool to help make this change. »

In the past year alone, Operation HOPE has increased participants’ credit scores by more than 40 points on average, bringing its clients toward the goal of a 700 credit score that transforms individuals’ ability to fully participate in the system. of free enterprise. Operation HOPE has also helped clients reduce debt by an average of $2,600 per client, increase savings by an average of $300 per client in one year, and get more than $278 million in funded mortgages. The HOPE Community Credit Score Index will show how Operation HOPE’s work to increase credit scores and savings and reduce debt at the community level has improved the overall financial health and stability of the community.

The HOPE Community Credit Score Index uses credit score data from The financial well-being index dashboard and mapping tool, which was created in partnership with Experian and Operation HOPE in 2021. The Financial Wellbeing Index is a key asset for identifying communities most in need of financial education as well as for develop programs that will give people in these communities the tools they need. need to build the future they want.

About Operation HOPE, Inc.

Since 1992, Operation HOPE has moved America from civil rights to “silver rights” with a mission to make free enterprise and capitalism work for everyone, disrupting poverty for millions of young people and adults. low- and middle-income adults across the country. Through its community improvement model, HOPE Inside, which received American Banker magazine’s 2016 Innovator of the Year recognition, Operation HOPE has served more than 4 million people and led more than 3 $.2 billion in economic activity to disenfranchised communities, turning customers into check cashers. into bank customers, tenants into landlords, small business dreamers into small business owners, minimum wage workers into living wage consumers, and victims of uncertain disasters into financially self-sufficient survivors. Operation HOPE recently received its eighth consecutive 4-Star Charitable Rating for Financial Stewardship and Commitment to Transparency and Accountability by prestigious nonprofit reviewer, Charity Navigator. For more information: OperationHOPE.org. Join the conversation on social media at @operationHOPE.

Media

Bill Mendel

Mendel Communications LLC

[email protected]

(212) 397-1030

Source: Operation HOPE, Inc.

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