Twin Accounts Can Build Savings and a Credit Record

Building a good credit record can be a problem.  On one hand, consumers are encouraged to build credit--but by definition, this means getting into debt. Isn't it supposed to be good to save money?  For people who would like to establish credit, while building their savings, LISC (Local Initiatives Support Corporation) has created a financial product called Twin Accounts. 

LISC gives the client a $300 12-month loan, but the money isn't given to the client right away.  It is held in an account, and the client makes monthly payments with interest.  When the loan period is over, the client gets not only the money, but a 1 to 1 match from LISC.  When the client makes payments (on time), it is reported to the major credit agencies so that the client gets a good credit record AND the loan amount and matching payment to create a personal nest egg. 

What do you have to do to be qualified for this?  You need to live in an area in Illinois, Michigan, Minnesota, Ohio or Texas where LISC operates.  You also must have little or no active lines of credit, enough income to repay the loan and interest, and work with a LISC-supported financial counselor.  If this sounds like you, contact your local LISC office and see if you qualify.

Find a Foreclosure Prevention/Homebuying/Credit Counseling Seminar in Ohio

Ohio's Save the Dream campaign, a coalition that works with homeowners to stop foreclosure, is putting on a series of workshops all over Ohio for Ohioans who are in deep with credit problems, foreclosure threats...or want to learn how to buy a house, or improve their financial fitness and money handling skills--all for free.  Some of these are about other issues, too--like general legal issues for those unable to afford to talk to a lawyer.  IF YOU NEED TO TALK TO A COUNSELOR RIGHT NOW ABOUT HOW TO SAVE YOUR HOUSE, CALL  888-404-4674

But there are all sorts of efforts to make the average Ohioan smarter about money.  The Ohio Treasurer's Office also hosts programs around the state on how to handle money in their "Smart Money" classes and many others.  Finally, the Attorney General's office will host programs upon request on consumer fraud, scams and credit.  For more information, give them a call at (800) 282-0515.