Prince George’s County Council member Edward Burroughs III (D-District 8) has partnered with the Prince George’s Community Federal Credit Union (PGCFCU) and the Financial Empowerment Center at the Prince George’s Community College to launch a program to help residents boost their credit scores and secure a healthier financial future.
This credit-builder loan program allows District 8 residents to make $4 monthly deposits for a year and receive a $500 match at the end of the year. Past participants in a similar program have seen, on average, a 20-to 67-point jump in their credit scores after making consistent payments.
“It’s a fact that Black and Brown people generally have lower credit scores and less access to financial services,” said Burroughs. “This program aims to break the cycle by educating citizens about how improving their credit score can be life-changing, and more importantly, allowing them to make that change.”
PGCFCU President and CEO Diane Coleman Brown also weighed in on the importance of good credit saying it “is vital to achieving financial success.”
“I look forward to supporting program participants as they take this next step toward financial freedom,” she said.
The program is funded through the MGM Local Impact Grant Fund, a portion of gaming and tax revenue dedicated to the community around the casino.
“As the recipient of this MGM Local Impact Grant, the Financial Empowerment Center at Prince George’s Community College takes great pride in improving money management outcomes for county residents,” said Heath Carelock, the center’s program director. “The 100% match not only changes financial behavior but also offers new participants confidence beyond the program timeline, whether with home-buying or pursuing new credit.”
Burroughs has been an advocate for financial literacy and helped to create a Financial Literacy Pilot Program for the county’s public school system as a school board member. Following the pilot, financial literacy became a graduation requirement this school year.
