Delivering financial education

By TIM PRESTON
The Independent

ASHLAND September 18, 2008 11:03 pm

— Financial experts — traveling on a bus loaded with computers and other resources — are finding locals need only education and advice to get their credit on the right track.
Gretchen Bias, community development officer for Fifth Third Bank, said the 38-foot bus provides people an opportunity to conduct a personal conference with a credit counselor, receive a comprehensive credit report from each of the three major sources, take advantage of activities and giveaways and meet with representatives of other community partners, including Appalachian Foothills Housing Agency, Goodwill Industries Consumer Counseling and Our Lady of Bellefonte Hospital.
“We’ve had a considerable number of visitors,” Bias said during a break while the bank bus was stationed in the parking lot at Ashland’s Wal Mart.
She said staff members expected to see lower numbers as they pulled up credit reports for those who have stopped by, although they’ve been surprised to discover the opposite.
“With the credit reports, most people have had fairly good credit. We have counseled some people with low credit scores about how to improve that. But, it looks like the community has been keeping a check on it,” Bias said.
Also on the bus, Fifth Third Bank Regional Vice President of Mortgage Lending Karen Mundy said some people have found they can take action to “clean up” their credit score and pay less for a home mortgage than they are currently paying in monthly rent.
“We want people to be able to use this knowledge for now and the future,” Mundy said, adding “We don’t want to push a mortgage down anyone’s throat.”
Pointing to Mary Acuff, home ownership coordinator for Appalachian Foothills Housing Agency, Mundy said there are people who can help individuals and families with low incomes find ways to improve their credit scores and secure an affordable mortgage.
Many turn to friends and family for financial advice, Bias said, and often receive bad information as a result. Bank representatives on the mobile financial center also try to help people understand the advantages and disadvantages of a fixed-rate mortgage compared to an adjustable rate loan.
The bank bus will be at Huntington Internal Medicine Group in Huntington today and at Pullman Square during Huntington’s ChiliFest on Saturday.
Bias said anyone who misses the bus can contact their local Fifth Third Bank branch for counseling and references to partner agencies.
Reflecting on recent grim financial reports nationwide, Mundy said the bank staff and their partners sincerely hope to make a difference.
“We really do want to find a solution, whether they are saving, investing long term or buying a home,” she said.
TIM PRESTON can be reached at tpreston@dailyindependent.com or at (606) 326-2651.