Wells Fargo has a launched a great mortgage product where they handhold the customer till they become creditworthy to extend a loan product to them!
They will help improve the financial well-being of their customers who close on a new nonprime home mortgage loan. The program, "Steps to Success," will include education, tools and banking products designed to put customers on the path to financial stability.
How does it work?
- Education - Wells Fargo will leverage its nationally accredited bilingual financial literacy program, Hands on Banking/El Futuro En Tus Manos, to provide home mortgage customers enrolled in Steps to Success with modules on establishing credit, budgeting and other topics. The educational materials will be available online, via CD-ROM or in printed curriculum.
- Tools - Customers enrolled in this program will have access to their credit report in an easy-to-read, user-friendly print format. This will enable them to monitor progress and understand all aspects of their credit profile. Customers also will have access to credit education specialists via dedicated toll-free numbers to answer questions about their report, scores and how to resolve disputes.
- Banking Products - A portfolio of banking products -- including checking, savings and bill pay -- will encourage solid, automatic money management.
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