Local Residents Get Free Access to Credit Score Program

Rhea-AI Summary

UMB Bank has donated $400,000 to CHES, Inc. to enhance credit scores for underserved communities via the rent-reporting platform Esusu. This partnership aims to assist clients in improving their credit ratings by reporting up to 24 months of on-time rent payments to major credit bureaus like Equifax and Transunion. CHES has been active in the Kansas City area since 2010, providing financial empowerment programs that help low-to-moderate income households achieve financial sustainability and readiness for homeownership.

Positive

• Donation of $400,000 from UMB enhances CHES's ability to support underserved communities.
• CHES uses Esusu to help clients report rent payments, potentially improving credit scores rapidly.
• The program provides a significant opportunity for clients to achieve financial empowerment and homeownership.

Negative

• None.

UMB donation helps CHES clients improve their credit scores with Esusu

KANSAS CITY, Mo.--(BUSINESS WIRE)-- CHES, Inc. received a $400,000 donation from UMB Bank, n.a., to support underserved communities with housing needs and to help clients improve their credit scores using the rent-reporting and credit building platform, Esusu. This program is part of CHES’s broader housing relief efforts and rent assistance for communities that have been hit particularly hard by the pandemic and resulting recession.

CHES will use funds from the UMB donation to pay partial participant costs for Esusu, a mission-driven company that reports rent payments to the major credit bureaus for credit building. CHES covers the cost of Esusu to give renters the greatest chance to pull out of this economic crisis.

Through this partnership, CHES clients can improve their credit scores by having their rent reported to major credit bureaus including Equifax and Transunion. Esusu can report up to 24 months of on-time payments, and renters can increase credit scores in just a few cycles. It’s a tremendous boost for renters, getting them credit for something they were doing already.

“Through the generous support of UMB Bank, CHES, Inc. is excited to partner with Esusu to provide this exciting opportunity for our clients to grow and expand their credit scores in ways previously unavailable. This important addition to our services will provide greater homeownership opportunities directly to underserved communities,” said Coley Williams, President and Co-Founder of CHES.

As a HUD-approved housing and financial empowerment organization, CHES has provided detailed financial, credit, and homeownership empowerment programming to the Kansas City Metropolitan area since 2010.

Specifically, the organization’s financial empowerment programming includes budgeting, becoming banked, setting immediate, short- and long-term financial goals, and building assets. Successful outcomes include area low-to-moderate income households becoming financially sustainable and mortgage and/or consumer lending ready.

With so many changes in lending regulations, consumers may find it difficult to establish credit. Consumers who have never had credit or haven’t had access to credit for several years find it particularly challenging to establish and stabilize their credit profiles. Building a credit score doesn’t happen overnight. CHES programs guide consumers to build or re-build credit in a way that is timely, effective, safe, and fits within their financial goals.

About Credit & Homeownership Empowerment Services, Inc. (CHES, Inc.)

CHES, Inc. is a HUD Certified, 501(c)(3) nonprofit, public benefit organization, dedicated to empowering low-to-moderate income individuals and families with the knowledge and confidence necessary for long-term financial and homeownership success. Since its formation, CHES has been working with area banks to promote financial education to residents in the Kansas City area. During the global health crisis this expanded from home ownership and credit ready education to rental households as well.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a financial services company headquartered in Kansas City, Missouri. UMB offers commercial banking, which includes comprehensive deposit, lending and investment services, personal banking, which includes wealth management and financial planning services, and institutional banking, which includes asset servicing, corporate trust solutions, investment banking, and healthcare services. UMB operates branches throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas. For more information, visit UMB.com, UMB Blog, UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005184/en/

Justin Walker

(816) 522-0894

justinw@chesinc.org

Source: CHES, Inc.

FAQ

What is the purpose of UMB Bank's $400,000 donation to CHES, Inc.?

The donation is intended to support underserved communities by helping clients improve their credit scores through the Esusu rent-reporting platform.

How does Esusu help improve credit scores for CHES clients?

Esusu reports up to 24 months of on-time rent payments to major credit bureaus, enabling clients to enhance their credit ratings.

When was CHES, Inc. established?

CHES, Inc. has been operating since 2010, focusing on providing financial and homeownership education.

Which major credit bureaus does Esusu report to?

Esusu reports to major credit bureaus including Equifax and Transunion.

What community does CHES primarily serve?

CHES primarily serves low-to-moderate income households in the Kansas City metropolitan area.