City of Knoxville to launch credit score awareness campaign

The Financial Literacy 720 campaign launches July 20.
Published: Jul. 5, 2023 at 6:52 PM EDT
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KNOXVILLE, Tenn. (WVLT) - Knoxville leaders are launching Financial Literacy 720 to raise awareness about the importance of a high credit score.

Part of the campaign aims to offer assistance and technical assistance to people looking to improve their credit scores.

The threshold for better interest rates for everything you may buy with credit is 720.

The city partnered with United Way of Greater Knoxville, Operation HOPE, First Horizon Bank, Truist, Regions Bank, Pathway Lending CDFI, HomeSource East Tennessee, Simmons Bank, Home Federal Bank and Pinnacle Bank to provide people with financial advice.

“I think primarily, sometimes we don’t understand credit. That’s a big thing. We don’t understand how it works, how it affects our lives every day, and sometimes we don’t give it the importance that it needs,” said Laura Contreras-Alanis. She’s a HUD certified credit counselor and homeownership manager at East Tennessee HomeSource.

East Tennessee HomeSource is a nonprofit that aims to educate people about financial literacy and provide housing opportunities for low income families.

She said credit score affects not only what you’re able to buy, but how much you pay for it.

“Those big purchases and these big events in your life, you have to give yourself a boost so you can start on the right foot,” said Contreras-Alanis.

For financial help, you can reach out to any of the participating organizations.