Message from the President
What’s the Score? Early in 2006, NBCSI embarked on a journey to identify specific measures to assist Black State legislators in their efforts to improve asset building policies that encouraged savings & investments, homeownership and business ownership in African American communities. What we discovered in our research was a number of barriers that ranged from lack of financial knowledge by consumers; policy restrictions on the level of assets that could be accumulated and the significance of a three digit number that was determining the credit and access to credit of consumers—particularly African Americans. With significant momentum building across the country to advance financial literacy education as part of the curriculum in public schools and with an Asset Building Resolution adopted—both long term strategies already in place–NBCSI sought to address the once allusive methodology of credit scoring and credit reporting. To that end, NBCSI developed a series of Education Roundtables entitled: What’s the Score? Calling on our partners, NBCSI was successful in building a series of Roundtables for Black State legislators in St. Louis, Missouri, Raleigh, North Carolina and a multi-state Roundtable in New York that was co-convened by the Federal Reserve Bank of New York where Black State legislators from nine states participated. While, each Roundtable was unique and explored a range of topics from credit scoring, credit reporting, to the methodologies that are used to assess and analyze financial stability—the conclusions were the same Current practices and the credit score are having a disproportionate negative impact on the African American community. Over the next few months, together with our task Force members, NBCSI will expand efforts to work with Black Caucuses across the country and our partners to further educate and define the policy direction to address these disparities. During our Third annual National Symposium on Financial Literacy, February 23, 2007, NBCSI will report on the Results of the roundtables and on the National Hearing on Credit. It is our goal to continue to deliver a message to all corners of the African American community to “Know the score…the credit score” so we be able to utilize the financial services and tools to build a stronger financial future. I invite you to review our efforts by selecting the link What’s the Score? I also encourage you to share your views and join us as we expand the Roundtable series into the New Year.
Barbara Martin Blackmon
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