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Building Credit in Low-Income Communities

13 June 2011 - Curtis Black, Chicago Newstips 

A few years ago, Ricki Lowitz noticed a problem with individual development accounts offered by Centers for Working Families and similar groups: the savings generated by low-income people in IDAs could be completely eaten up by high interest rates when they purchased a home or another major asset.

CWF clients were getting high interest rates because they had low – or no — credit scores.

In response, CWF developed a new credit-building loan program which the group says has shown “tremendous results” in its first year.

For the full story, please see the Newstips website.

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Local Initiatives Support Corporation Chicago connects neighborhoods to the resources they need to become stronger and healthier.

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