In This Issue
- October Monthly Message from the FDIC
- Money Smart – Invisible No More!
- Success Stories
- Latest FDIC Consumer News Edition
- Tips and Techniques
October Monthly Message from the FDIC
NATIONAL GET SMART ABOUT CREDIT DAY is observed the third Thursday in October. The FDIC Money Smart webpage is a great place to start, or continue, to learn about finances. Whether you use teaching modules, a reality fair, or a game, this site includes resources for people of various ages on how to build credit, how to use credit successfully, and how to understand a credit report.
Join us on social media using the #FDICMoneySmart and show how you are using the Money Smart products in action!
Money Smart - Invisible No More!
Being credit invisible can be downright spooky.
According to the Consumer Financial Protection Bureau (CFPB), 26 million Americans are credit invisible. Credit invisible consumers are those without credit records at the national credit reporting agencies. Without a credit record, lenders have a harder time assessing the creditworthiness of applicants. As a result, the credit invisible have a harder time getting credit, which affects one’s ability to get a loan, a job, housing, insurance, and more.
Use Money Smart, so you can help them be seen. The following modules illustrate the different elements of credit:
- Money Smart for Young People: Grades 9-12: Capacity, Character, Capital, and Collateral, The Almighty Dollar? (Credit Cards), Convertible or Clunker (The Automobile Purchase), and Halls of Knowledge (Financing College)
- Money Smart for Young Adults: Borrowing Basics, Charge It Right, and Paying for College and Cars
- Money Smart for Adults: Credit Reports and Scores, Borrowing Basics, Managing Debt, Using Credit Cards, Making Housing Decisions, and Buying a Home
- How Money Smart Are You?: Borrowing Basics, Credit Reports and Scores, Using Credit Cards, Buying a Home, and Managing Debt
Whatever Money Smart program you use to help people successfully build their credit, we want to hear your stories! If you have successful strategies, promising approaches, or memorable Money Smart moments, please share them with us at moneysmartnews@fdic.gov.
Money Smart Success Stories
First Savings Bank of Hegewisch, headquartered in Chicago, Illinois, has been using Money Smart for more than five years by partnering with other organizations in need of financial education instructors. Partnerships have included municipalities, libraries, and community groups that host meetings for local citizens. Depending on the audience, the bank’s employees may present on topics such as budgeting and saving, how to purchase a home, credit and credit recovery, and elder abuse and identity theft.
“Since Money Smart provides modules on all of these topics, it’s simple for the bank to accommodate the requests of our community partners,” said Community Reinvestment Act Officer Cherilyn Richardson. “Most recently, the bank is using the credit module to host community credit clinics for Chicago residents in partnership with the Chicago Urban League.” The bank has also used Modules 12 and 13 of Money Smart for Adults to do a renting versus buying workshop with the Northwest Indiana Reinvestment Alliance.
Latest FDIC Consumer News Edition
The October 2023 edition of the FDIC Consumer News is titled “Scammers and Fake Banks.” It provides tips to help you avoid becoming a victim to scammers and fake online banks trying to steal your hard-earned money. Read the full article here.
Tips and Techniques
Introduce Money Smart concepts to students early. Money Smart for Elementary School Students features a coloring/activity book for students that teaches and promotes positive financial behavior. This is a rewarding way to teach financial concepts early. Students will learn financial concepts while enjoying a coloring book activity for fun! For more information, visit and download the fillables by grade at Money Smart for Young People Digital Toolkit.
