Building Your Credit

May 2022 - Newsletter

Improving Credit

Michigan Jump$tart Coalition wants to take time this month to thank our community for your participation in Financial Literacy Month. We shared a lot of wonderful resources and events throughout the month. If you missed anything, you can find more on our Facebook and Twitter pages, including our scholarship opportunity!

During the month of May, we wanted to continue the money conversation focused around managing credit by sharing resources that can help you in and out of the classroom. A lot of the conversation is focused on the credit score to maximize your score from the three reporting agencies (Equifax, Transunion, & Experian). You can check your credit score for free on a weekly-basis since the start of the pandemic and this has been extended through December 31, 2022. You can find more information here to help you stay on top of your credit.

Thank you for being part of our community. We know that credit can be tricky so please reach out to us on social media. We are happy to answer questions that you may have that could impact your credit report. We hope all of you have a wonderful month ahead.

Scholarship Winner Coming This Month

The Michigan Jump$tart Coalition's 2021 student scholarship application portal closed on April 30, 2022 to close out Financial Literacy Month.

We are very excited to read each of the essay submissions. We had close to 250 applicants that came from all over the State of Michigan from Southeast Michigan to the Upper Peninsula.

We will announce the winner later this month and will be awarding two $500 scholarships.

Credit Resources

Having debt carries a lot of different emotions. Creating a plan to manage your debt level while trying to maximize your credit score has challenges. Knowing how much you owe and having a repayment plan can feel very overwhelming. This can make the conversation around credit more difficult to share with your students.

We have found some resources that can help start those conversations with different guides, interactive games, worksheets, articles, and discussion prompts.

Experian. A teacher lesson plan called the ABC's of Credit Reporting designed to help students learn how credit reporting works, what's in a credit report, and how financial decisions can impact a person's record for years to come. Also included is a vocabulary worksheet, pre/post assessment, answer keys, and a Credit Jeopardy game.

Federal Trade Commission (FTC). The FTC has created a Credit & Your Consumer Rights online brochure that gives an explanation of consumer rights under the Fair Credit Reporting Act. It provides for solving credit problems.

Fool Proof Foundation. This is an article that talks about what a credit score is and how it is calculated. It also looks at how the score can impact you and how lenders use that information.

Next Gen Personal Finance (NGPF). NGPF Arcade has created interactive games focused around credit. They have games focused on Managing Credit and Types of Credit.

Professional Development Opportunities

MSU Extension has virtual professional development on how to Protect Your Identity. The one hour session takes place on May 12 at 12pm EST. You can find more information and the registration on the flyer. If you have questions, you can reach out to:

Beth Martinez at Mart1751@msu.edu.

Below you will find several virtual opportunities throughout the month of May by the following organizations:

NGPF

Jump$tart Financial Foundations for Educators

Stash 1010

MSU Extension

Michigan Credit Union Foundation

Michigan Financial Wellness (MFWN)

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