WHEREAS, An individual's credit score is a number ranging
from 300 to 850 and rates the individual on how likely the
individual is to repay a loan and make on time payments; and
WHEREAS, An individual's credit score is based on your credit
history, which can include open accounts, total debt, repayment
history, types of loans and inquiries to your credit; and
WHEREAS, Prospective lenders review an individual's credit
score to determine whether or not to give the individual a line
of credit and it also determines the terms, including length and
interest rate, of the loan; and
WHEREAS, When a lender is doing a credit risk assessment on a
potential loan applicant, the lender reviews the applicant's
credit history, capacity to repay, capital, the loan's
conditions and any collateral the applicant may have; and
WHEREAS, Credit score and credit history are one of many
factors used by creditors to review, evaluate and determine an
individual's ability to acquire a line of credit; and
WHEREAS, Being a responsible borrower is a core concept of
developing financial independence; and
WHEREAS, Having an understanding and encouraging financial
literacy empowers all communities and will lead to a stronger
and more educated workforce; and
WHEREAS, When communities are financially capable, everyone
benefits; and
WHEREAS, Providing financial literacy education and awareness
to underserved communities should be a priority; and
WHEREAS, Providing underserved communities with the tools
needed to make effective financial decisions will provide the
education and awareness of personal finance, reinforcing the
value in making responsible financial decisions; and
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