The National Federation of Community Development Credit Unions (Federation) has formed a partnership with Equifax Inc. to build the Westside Financial Capability Center in the Westside community of Atlanta, Ga.
The partnership between Equifax and the Federation was unveiled at the 2016 Clinton Global Initiative (CGI) America meeting in Atlanta.
The Center, the Federation explained, will provide "affordable banking, alternatives to payday loans, affordable home mortgages, and a suite of financial services designed to empower residents to achieve their financial goals."
Scheduled to open in early 2017, the center will be located in an area that will enable it to coordinate with Atlanta-area credit unions, community stakeholders and service providers.
As part of the deal, Equifax has committed $450,000 through 2018 in support of the Center.
"One of our goals at Equifax is to empower consumers with the information they need to make financial progress in their lives," said Dann Adams, president of Global Consumer Solutions at Equifax, in a statement. "Whether you're looking to rent or buy a home, purchase a car, apply for a personal loan, or create a budget that's appropriate for your lifestyle, reaching the next financial milestone in life is incredibly personal. And to accomplish that, every consumer needs the right information and the right resources."
Adams added that "through our partnership with the Federation and the establishment of the Center, we will be able to reach Atlanta Westside residents at the right place, at the right time."
Federation President and CEO Cathie Mahon said her organization is "delighted to be partnering with Equifax on the Westside Center," which will be a flagship site for a new, national financial counseling model, Pathways to Financial Empowerment.
Launched by the Federation in collaboration with Neighborhood Trust Financial Partners in 2015, Pathways to Financial Empowerment helps credit unions and their members evaluate progress with credit, manageable debt levels, and short- and longer-term savings.
"When it comes to personal finances, consumers have many choices available, and education and access to the right resources are key," said Adams. "Our efforts with the Federation will go a long way toward providing Atlanta Westside residents with resources that may help them improve their financial situation; education designed to help them understand the critical role credit plays in all of their financial decisions; and access to individuals who can help them set and achieve long-term financial goals."
