Written by Tanya Terry, with images provided by Mission Possible
Mission Possible received a multitude of feedback about the way credit affects opportunities for local residents, which led the organization to decide to launch their Credit Comeback Program.
“We consistently hear from our residents that poor credit is a major barrier to obtaining housing and qualifying for affordable loans,” shared Gianna Oliver, program manager for Mission Possible.
She added: “One way we get this is through our ASAP Program, Accelerated Savings and Asset Program. So, we have an ear to the community. And this program was created in response to the community’s feedback.
The goal of Mission Possible is “to build sustainable communities,” according to Oliver.
“We do that through education,” Oliver added. “Credit is something that touches every aspect of our lives. A lot of people need to bring their credit back-whether it was having stuff in your name as a child, or going to the mall and getting bamboozled into getting a credit card.”
Oliver stated that Mission Possible’s Credit Comeback is not a “do for you” program.
“Participants are responsible for taking actions themselves. The program will provide education and guidance, and we want to help participants understand credit, make informed decisions and be able to fix their credit on their own terms.”
Participants will learn to understand their credit reports, what impacts their credit scores and how to identify negative items that are affecting their scores.
“We want to help them build a personal life action plan…It’s important because credit literally affects every of daily life, including trying to purchase a house, trying to purchase a car, insurance rates and, in some cases employment.
“Back in the day, I was trying to get a job at a jewelry store. My credit was bad. So, they said absolutely not. So, that’s a big thing for us.”
Oliver pointed out “it’s all in the understanding and the education.”
“Once you know what’s going on, and once you understand it. It’s like “oooh, this credit card has an interest rate of 27% versus this credit card only having a 10% interest rate.”
Working towards long term goals will be addressed.
Oliver said this could apply to having a healthy credit score helping for jobs that pull credit for employment, in addition to applying in other areas.
“Once you understand your credit report and your credit score, you will also understand the things that you are able to apply for. You get an understanding what different score brackets mean, and it will open you up to different opportunities based on that score.”
This may apply to opportunities with housing.
“Just because you have a low credit score doesn’t mean you can’t get a house. It just means we have to do different things to help you obtain and maintain that goal.”
The program lasts four months, and it includes a monthly savings portion for the wealth building component.
“We want to thank our sponsors. We are proudly sponsored by Blue Cross Complete of Michigan and Financial Plus Credit Union. We have secured a new sponsor, Dort Federal Credit Union.”
Oliver said: “Many people face financial setbacks, and with the right information and support, positive change is possible. The Credit Comeback Program is designed to help residents take control of their futures, one step at a time. We make sure those steps are catered to your personal needs.”
To apply for the Credit Comeback Program, visit the Mission Possible Facebook page. The deadline for applications is July 12, and the orientation takes place July 16. The first session begins July 30, and Oliver noted Mission Possible’s classes always fill up quick!
