In Sampan: Mayor’s Office of Financial Empowerment releases new report exploring potential power of youth credit building


BOSTON – Friday, May 31, 2019 – Recognizing the consequential impacts credit can have on the lives of young adults, the Mayor’s Office of Financial Empowerment (OFE) in partnership with Citi Community Development and Working Credit NFP, today released a new report from the Dukakis Center for Urban and Regional Policy at Northeastern University that outlines recommendations for creating multi-faceted programs that help individuals establish good credit at an early age, in order to gain control of personal finances and establish economic mobility.

The report evaluates the Boston Youth Credit Building Initiative (BYCBI), a pilot aimed at helping low- and moderate-income young adults, ages 18-29, establish and/or improve their credit through credit building workshops, one-on-one financial coaching, and the chance to apply for a free credit building financial product. BYCBI’s success led to the creation of Boston Builds Credit, a first-in-the-nation citywide movement to help Boston residents achieve a prime credit score, build wealth, and remove barriers for success.

Read the full article as it originally appeared in SAMPAN here.