Freddie Mac believes that by educating consumers about smart credit habits and helping them understand the importance of obtaining and maintaining good credit, we can empower them with the skills and information necessary to achieve homeownership. So, in 1998, Freddie Mac set a goal to improve financial literacy in underserved communities nationwide.
The idea grew quickly and today Freddie Mac and its collaborating organizations have reached out to more than a million consumers nationwide.
We've achieved many exciting milestones since its inception, of which the following are just a few:
Freddie Mac creates a new financial education initiative.
Freddie Mac announces the following collaborating organizations to help create a financial education curriculum:
- Benedict College
- Clark Atlanta University
- Florida A&M University
- Howard University
- St. Augustine's College
- External financial education advisory council is formed.
- 24,000 low- to moderate-income consumers surveyed on their credit habits and achieved 60% response rate.
- Rainbow/PUSH Coalition's One Thousand Churches Connected joins Freddie Mac in its efforts to increase financial literacy through CreditSmart.
- CreditSmart curriculum is piloted at collaborating organization’s sites and community locations.
- PBS' MoneyWise joins Freddie Mac in its efforts to increase financial literacy through CreditSmart by expanding the curriculum reach to 172 PBS stations nationwide, and 129 stations in 12 countries on the Armed Forces Network.
CreditSmart officially launches on July 26, 2001.
- Freddie Mac, with the following collaborating organizations, create and officially launch CreditSmart Español:
- Cuban American National Council (CNC)
- Hispanic Association of Colleges and Universities (HACU)
- League of United Latin American Citizens (LULAC)
- National Association of Hispanic Real Estate Professionals (NAHREP)
- National Council of La Raza (NCLR)
- National Puerto Rican Coalition (NPRC)
- United States Hispanic Leadership Institute (USHLI)
- U.S. Coast Guard joins Freddie Mac in its efforts to increase financial literacy through CreditSmart.
- Two new modules are introduced, Banking Services: An Important Step and Becoming a Homeowner.
Thirty organizations and 500 Freddie Mac designated trainers teach CreditSmart workshops to 23,000 consumers at 400 sites.
- CreditSmart expands its reach to 25 states through collaborating organizations' initiatives.
- CreditSmart Español expands its reach to 13 states through collaborating organizations' initiatives.
- Freddie Mac announces the following collaborating organizations to help plan and develop CreditSmart Asian:
- Asian American for Equality (AAFE)
- Korean Churches for Community Development (KCCD)
- National Korean American Service & Education Consortium (NAKASEC)
- Boat People SOS (BPSOS)
- National Congress of Vietnamese Americans (NCVA)
- National Coalition for Asian Pacific American Community Development (National CAPACD)
- Freddie Mac and its collaborating organizations reach over 1 million consumers in 44 states, the District of Columbia and Puerto Rico with its CreditSmart and CreditSmart Español curriculums.
- CreditSmart Asian officially launches.
- Freddie Mac introduces a 12th module entitled Preserving Homeownership: Protecting Your Home Investment.
Freddie Mac develops its Instructor Training webinar series.
- Freddie Mac launches "Get the Facts on Foreclosure" YouTube video series to help consumers dispel common myths on foreclosure.
- CreditSmart celebrates ten years of financial education. CrediSmart reaches more than 3 million consumers across 44 states.