Knoxville leaders, including Mayor Indya Kincannon, are supporting a regional awareness campaign and efforts by a broad coalition to assist individuals in achieving credit scores that will lead to financial sustainability.

Financial professionals and organizations that provide credit counseling services say that achieving a credit score of 720 will set a course for financial wellness.

That’s why the Financial Literacy 720 campaign is kicking off on July 20 – or 7/20.

“A healthy credit score can be a game-changer,” says Mayor Kincannon. “It can open doors and create opportunities for wealth-building. The good news is that there are many local organizations that can help with credit counseling – and their expertise is free.”

These free resources are available to individuals and families who speak English and Spanish.

Here in the Knoxville area, organizations helping with Financial Literacy 720 include the United Way of Greater Knoxville, the Knoxville Area Urban League, Operation HOPE, First Horizon Bank, Truist, Regions Bank, Y-12 Federal Credit Union, BrightBridge CDFI, Pathway Lending CDFI, HomeSource east tennessee, and the University of Tennessee Extension.

For more information and a schedule of programs offered on July 20, visit www.uwgk.org/financial-literacy-hwy/.

Or contact Joshalyn Hundley, First Horizon’s Vice President of Community Development, at [email protected] or 865-971-2005.

The average credit score in Tennessee is 682, while it’s about 692 in Knoxville. Both trail the average national consumer score of 695.

A score of 700 or higher, however, can help someone get a loan with a better interest rate. That can determine whether buying a home is possible or not – or whether a new business has access to the necessary start-up capital.
 
Individuals interested in bettering their credit score are encouraged to contact any of the organizations participating in Financial Literacy 720 to inquire about free programs and technical assistance.