Knoxville leaders, including Mayor Indya Kincannon, are supporting the annual Financial Literacy 720 regional awareness campaign. This month, a broad coalition of partners is focused on assisting 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.

“A healthy credit score can make all the difference in the world for individuals and families seeking financial security,” Mayor Kincannon said. “It can open doors and create opportunities for wealth-building. Many local organizations can help with credit counseling – and, best of all, their expertise is free.”

This year, a community resource fair will be offered from 11 a.m.-2 p.m. on Saturday, July 20, at the Haslam-Sansom Ministry Complex in Lonsdale, 1740 Texas Ave.

This free event aims to inform and inspire attendees on ways to achieve a 720 credit score and offers youth financial activities, a panel discussion on home ownership and down payment assistance, community resource booths, and food distribution from Second Harvest. The resource fair will offer information in English and Spanish.

Here in the Knoxville area, organizations helping with the Financial Literacy 720 campaign include the United Way of Greater Knoxville, Operation HOPE, First Horizon Bank, Truist Bank, Home Federal Bank, Regions Bank, Y-12 Federal Credit Union,  HomeSource East Tennessee, Apex Bank, Pinnacle Financial Partners, Central High School, the Knox County Health Department, Centro Hispano, Cherokee Health Systems, the Knoxville Entrepreneur Center, the Knoxville International Network, Helping Mamas, and Catholic Charities.

For more information and a schedule of events, 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 685, while it’s about 696 in Knoxville. Both trail the average national consumer score of 698.

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.