Las Vegas was one of the worst-hit cities of the recession, and residents’ credit scores are still recovering.
According to a 2019 report from financial data site Value Penguin, the average credit score in Nevada is 655, ranking 47th among states. To help Nevadans improve their credit scores, data analytics company FICO will be hosting a “Score a Better Future” event next week at the College of Southern Nevada.
“We recognize that folks in Nevada and Las Vegas went through a tough time in the economic downturn,” said Joanne Gaskin, the vice president of scores and analytics at FICO. “Scores are improving, but we thought this would be a good time to get in the market.”
The average FICO score was 704 in April 2018, up from 687 eight years prior, according to a report from the company.
“We want to be focusing on helping consumers improve their financial literacy and help them improve their overall financial health,” Gaskin said.
The program will provide financial counseling sessions and free access to FICO scores. There will also be educational sessions explaining how a FICO score works, giving consumers tips on ways to improve their score and dispelling credit score myths.
Sen. Catherine Cortez Masto will give an address at Monday’s event. She said she hopes participants leave with the knowledge to improve their credit score enough to make major purchases.
“Everyone one should be financially literate,” she said. “If you have a strong credit score, you have more purchasing power: the ability to purchase a home, car, you name it. That can help you and your family in everyday life.”
The event will take place Monday from 6 p.m. to 8 p.m. and is free and open to the public. Organizers encourage those interested to register online at scoreabetterfuture.com. The program will take place at CSN’s North Las Vegas Campus in the June Whitely Student Lounge in the E Building, located at 3200 E. Cheyenne Ave. Dinner will be provided.