Wells Fargo Introduces Program to Help Borrowers Build Credit, Reach Financial Security

Wells Fargo announced today it will roll out by year-end a three-part program to help improve the financial well-being of its 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.

“We believe helping borrowers get on a path to financial success is the heart of responsible lending,” said Cara Heiden, division president of National Consumer and Institutional Lending, Wells Fargo Home Mortgage. She announced the program at a housing symposium Wells Fargo Home Mortgage hosted in Washington. “The vision that drives Wells Fargo is to help our customers succeed financially, and we are committed to working with them to achieve their personal and financial goals through homeownership. Steps to Success will provide a roadmap for customers to strengthen or build their credit profile and, ultimately, improve their financial well-being.”

Key program elements will include:

• 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.

“At Wells Fargo, we know our continued growth depends on serving customers across the credit spectrum, and through Steps to Success we will be providing tools to help customers improve their financial situation,” said Tom Shippee, Wells Fargo Financial president and chief executive officer. “We intend to have this multifaceted program in place by year-end to create a path for customers to achieve financial success through homeownership.”