National Get Smart About Credit Day is celebrated every year on the third Thursday of October as part of the Get Smart About Credit (GSAC) program. It is a day dedicated to helping young people understand the importance of financial responsibility and good credit habits. Through the GSAC program, volunteers provide free resources to educate and raise awareness of financial management, budgeting, credit scores, college fees, and identity theft.
The American Bankers Association launched the GSAC program in 2003 to help younger generations understand how their actions will affect their credit rating. The GSAC program is completely free and volunteers are provided with all the necessary resources to effectively educate and spread awareness.
- The credit rating was first introduced in the 1950s by Earl Isaac and Bill Fair.
- In the 1980s, the modern credit rating system was developed, based on credit files from TransUnion, Experion, and Equifax.
- In 2003, the Fair and Accurate Credit Transactions Act was signed into law, allowing every American the right to receive a free credit report once a year.
- National Get Smart About Credit Day was founded in the same year.
How to take part
To take part in National Get Smart About Credit Day, you can start by checking your own credit score and getting a free annual report. This will give you a better understanding of your financial situation. You can also consult with a financial advisor on your future plans for lending or investing. Finally, you can become a GSAC participant by volunteering, consulting, or attending virtual workshops.
When is National Get Smart About Credit Day celebrated in 2023?
National Get Smart About Credit Day is observed on the third Thursday of October each year.