LOS ANGELES — As the fiscal year approaches an end, Wells Fargo bank is taking huge strides to reach out to various ethnic groups to let them know of their beneficial community services. In an effort to help customers succeed financially and live prosperously, the major bank corporation is offering free consumer credit scores and complimentary credit reports through Nov. 16.
“27 percent of Americans are more worried about their financial health than their physical health,” said Gary Korotzer, an executive vice president in Wells Fargo’s Consumer Credit Solutions Group, in a press release. “In much the same way an annual check-up helps us stay physically healthy, consumers can take control of their financial health by regularly checking their credit and taking steps to improve it.”
Most people are afraid of credit—essentially, a number that measures the risk of not repaying a loan—and don’t understand how it works. The Asian American community is no exception, with an astounding number neglecting their scores or not even having credit because of fears surrounding it.
“Making smart financial decisions happens when people are empowered and educated,” said Nancy Wong, Senior Vice President and Head of Asian Segment Strategy, at an Oct. 28 media roundtable held at the Asian Americans Advancing Justice Center in downtown Los Angeles. “When they understand how it works, people can start to build and strengthen their credit health.”
Wells Fargo VP of Community Development Roy Jasso also addressed reporters, “Our main goal is to help our community attain a strong financial future. And the first step to succeed is to have good credit.”
Wells Fargo’s goal is to reach at least 60,000 consumers to better educate and inform them of the benefits of having good credit, such as lower interest rates, applying for mortgage loans, and paying down debt. So far, they have reached over 8,000 consumers through volunteering and teaching in classrooms and community centers nationwide.
There are many common myths about credit reports and scores that need to be debunked, said Senior Vice President and Downtown Community Bank District Manager Luanna Lindsey, who was a keynote speaker at the media roundtable event.
For example, only credit history and activity can affect your score, not the amount of money you have in the bank. Your payment history and credit accounts, including how consistent you are with payments and how often you open credit accounts, makes up over half of your score. By monitoring your score regularly, keeping balances low, and maintaining a debt lower than 35 percent of your gross monthly income, you can both lower interest rates and improve your score and financial health. A score over 700 is considered good standing, and a score over 760+ is considered excellent.
This is the third year in a row the bank is offering free credit scores and reports, to better serve its customers and help them to take control of their finances. All they have to do is visit their local Wells Fargo bank to obtain a unique personal access code for the free credit report. Wells Fargo is also providing free financial reviews with experienced bankers and many other useful online tools.
“Asian-Americans are noted for their hard work, ambition, and determination,” said Lindsey confidently. “They work for success. The community should know that credit is not scary and banks are here for them, to inform and to help them further succeed.”
Wells Fargo also announced the grand opening of its newest bank location in Koreatown.
More than 800,000 customers and team members have already taken advantage of the free credit scores promotion since its inception in 2012. The Free Credit Score promotion coincides with the American Bankers Association’s “Get Smart About Credit” day, a national campaign of volunteer bankers who work with young people to raise awareness about the importance of using credit responsibly.
(www.asianjournal.com)
(LA Midweek October 29-31, 2014 Sec. A pg.5)
