Understanding Credit Scores

People's United Bank is joining with Champlain College to improve the financial literacy levels of Champlain College juniors and seniors by giving them direct access to their tri-merge credit report and scores and offering one-on-one credit counseling sessions.

"We are pleased to be able to support the Center for Financial Literacy and Champlain College in their efforts to give students the skills to make responsible financial decisions that will affect their lives well beyond graduation," said Michael Seaver, President, People's United Bank Vermont. "We have been a long time partner with Champlain College in numerous projects and we believe this will have a direct impact in the community and the economic future of these students. It is now more important than ever that we provide support to organizations like Champlain College."

People's United Bank, a diversified financial services company with approximately $22 billion in assets, provides consumer and commercial banking services through a network of approximately 300 branches in Vermont, Connecticut, New Hampshire, Massachusetts, Maine and New York. Through its subsidiaries, People's United Bank provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.

The "What's My Score?" Credit Review Program for Students, sponsored by People's United Bank, will be a part of the Champlain College Life Experience & Action Dimension (LEAD) curriculum. The program will offer Champlain College students free access to their tri-merge credit report and scores, along with workshops and counseling sessions to help them understand credit scores and the behaviors that will improve credit scores or that can negatively impact those scores in the future. People's is providing approximately $11,000 for the three years to  cover the cost of access to the reports, Champlain Housing Trust's training program for student peer credit counselors and to publicize the program on campus.