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Freddie Mac launches updated CreditSmart version

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Consumer Protection, Financial Stability, Nonbank Financial
Thursday, July 15, 2021
In honor of the program’s 20th anniversary, Freddie Mac launched an updated version of CreditSmart, the organization’s financial capability curriculum aimed at helping consumers learn about the importance of building, maintaining, and using credit.

“Financial education is personal and that’s why we’ve reinvented CreditSmart with new tools that empower individuals to customize their learning experience,” Cindy Waldron, Freddie Mac vice president, single-family housing insights and solutions, said in a release. “This newly released curriculum will help consumers define and achieve their financial goals at their own pace. And, since CreditSmart is optimized for mobile devices, we put that power in the palm of their hand.”

Many Americans are confused about the impact of debt on their credit profile, a recent Freddie Mac homeowner and renter survey stated. A third of Americans are unaware that credit score elements, such as length of credit usage or having joint credit and loan accounts, are reported to credit bureaus. More than half of homeowners and renters do not know being behind on a housing payment can impact their credit rating or can impact their ability to get a loan in the future.

CreditSmart’s free financial education has helped more than five million consumers over the last 20 years. Moreover, tens of thousands housing professionals have become CreditSmart facilitators as a way to give back to their communities.

“The information available in Freddie Mac’s CreditSmart courses is helping our Realtors change the financial trajectory for families and whole communities,” EXIT Realty Corp. International CEO Tami Bonnell said. “Understanding what it takes to build good credit, achieve homeownership, and build wealth is now within reach. This is powerful information!”

The updated curriculum, which will be available for facilitators Oct. 1, 2021, builds on the program’s tradition of helping consumers build credit by making financial education “empowering instead of daunting” and personalizes experiences tailored to the consumer’s needs. It also includes new content customized for renters.

“Easterseals has valued our long-standing collaboration with Freddie Mac,” Easterseals President and CEO Angela Williams said. “Together we have developed online, accessible financial capability tools and resources that have helped millions of people with disabilities, veterans, and low-income families throughout the country. CreditSmart has been invaluable to these individuals and families, and we are grateful to Freddie Mac for making this available to them.”

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