In 2022, Capital One contributed over $10,000 to Origin SC in grant funds, furthering our commitment to fostering historically disadvantaged communities where we live and work. This generous support enabled Origin SC to extend its vital services in the realm of Financial Education and Credit Counseling to those who needed it the most, making them more accessible than ever. Thanks to Capital One’s continued support throughout 2022 and most of 2023, Origin SC successfully hosted monthly Financial Education workshops in both virtual and in-person formats. These workshops, designed to empower individuals with essential financial skills, included:
- Making Ends Meet – This curriculum is designed for individuals and households on very limited budgets and live paycheck to paycheck. The emphasis is on basic money management, budgeting techniques and tools, and the importance of saving for emergencies.
- Credit Improvement Workshop – This 2-hour workshop focuses on learning positive steps to improve credit scores and strategies to control day-to-day finances. It stresses paying on-time, paying more than the minimum, the four “C’s of Credit”, how to read a credit card statement, and what collections and lack of payment means to a credit score.
- Intro to Debt Management – This is a brand new workshop that was launched in September 2021. It’s focus is to more easily educate anyone interested in debt management before they schedule a one-on-one appointment or complete an online application. The 45-minute session discusses what a debt management program is, the types of debts eligible, enrollment, debt management versus debt settlement, and what to expect after enrollment.
- Pre-Filing Bankruptcy & Debtor Education Workshops – Origin is approved by the Executive Office of United States Trustees to provide the required credit counseling (pre-filing) and debtor education (post-filing) courses to individuals filing for or being discharged from bankruptcy. These sessions are held biweekly via conference call, and the sessions are also available online at any time.
- Intro to Homeownership – This 2-hour workshop focuses on the importance of building a strong homebuying team and the basics of the homeownership process.
- eHome America (online homebuyer education) – Origin partners with eHome America to offer on-demand HUD-approved pre-purchase homebuyer education as no in-person workshops are being facilitated at this time.
By incorporating Capital One’s credit, savings, and debt management curriculum, Origin SC surpassed all of its objectives by reaching approximately 500 clients, of whom 79% fall within the low-to-moderate income (LMI) category according to the Department of Housing and Urban Development (HUD) standards. Origin SC also extended more personalized counseling services to combat potential homelessness, including foreclosure prevention counseling to help homeowners retain their homes, pre-purchase counseling to ensure prospective homeowners succeed in their home-buying journey, and reverse mortgage counseling for senior citizens. Each client who received financial counseling from Origin SC completed a budget, which was then thoroughly reviewed by a Licensed Credit Counselor for completeness and accuracy. The Financial Education workshops facilitated by Origin SC’s Licensed Credit Counselors lay the groundwork of basic money management concepts while empowering them to live within their budget, improve their credit scores, and gain financial stability.
Origin SC continues to incorporate Capital One’s financial education curriculum into its presently available workshops and will provide follow-up surveys to participants. Capital One’s Credit Voyage curriculum and tools are being utilized for Origin SC’s Credit Improvement Workshop, which is held monthly. Additionally, Origin SC plans to use the Capital One’s Debt Management workshop curriculum and tools when available.
Kristopher Budi, a Senior Associate at Capital One, emphasizes, “At Capital One, we strongly believe in community development, and we recognize that Origin SC shares our passion. We are honored to make this contribution to their organization.”