13-20 - Attachment O- FEC Public Outcomes Counseling Activities.pdf

FEC Counseling Activities and Outcomes

Counseling activities are actions that counselors add to a client’s service plan to track progress toward financial goals. Some counseling activities lead to FEC outcomes—standardized, research-based measures in each service area that represent targeted improvements in financial health. These outcomes are tracked across all FECs to demonstrate program-wide impact and effectiveness.

FEC OUTCOMES

To achieve a FEC outcome in FECBOT, counselors must add the specific counseling activities linked to that outcome. These key activities are listed below and must be selected in FECBOT if the related outcome is to be achieved. In most cases, counselors must also set a baseline so progress can be tracked.

For more info on how outcomes are calculated, review the FEC Public Outcomes & Calculation resource.

Service Area Outcome Related Counseling Activities

Banking Open safe and affordable banking account

• Open new checking account

• Open new savings account

Banking Use bank account actively • Make debit transactions regularly?

• Use direct deposit regularly?

• Make deposits regularly?

• Use online or automatic bill pay?

• Make withdrawals regularly?

• Use bank issued money order or cashier’s check?

• Make peer-to-peer transactions regularly?

Credit & Debt Establish credit • Establish credit score

Credit & Debt Increase credit score by 35 points • Increase credit score

Credit & Debt Decrease non-mortgage debt by 10% • Reduce non-mortgage debt

Credit & Debt Reduce delinquent accounts • Reduce number of delinquent accounts

Savings Increase amount set aside for the future • Set aside at least one week’s income for the future

Savings Adopt new savings behaviors • Spend less

• Set aside bigger amounts of money than normal

• Make some extra money to set aside

• Set aside money more frequently than normal

• Convert cash to assets so it can’t be spent

• Mentally separate spending-money from money set aside for the future

• Physically separate spending-money from money set aside for the future

• Set aside money automatically

• Other savings behavior

Legacy Planning Prepare for legacy planning • Create list of assets

• Estimate legacy planning expenses

• Complete Trust&Will.com Preparation Document

• Review life insurance policies

• Review other insurance policies (disability, accident, home, etc)

• Review property title

• Review vehicle title

• Organize and safely store executed legacy planning materials

Legacy Planning Protect asset • Add beneficiaries to bank account(s)

• Add beneficiaries to retirement/investment account(s)

• Add beneficiaries to insurance policy

• Update property title

• Update vehicle title

• Execute Last Will & Testament

• Execute HIPAA Authorization

• Execute Power of Attorney

• Execute Living Will https://fecbot.fecpublic.com/fecbot/s/contentdocument/06946000003hqzRAAQ

ALL COUNSELING ACTIVITIES

In addition to the activities highlighted above, there are a variety of counseling activities that counselors can add to the service plan based on the client’s goals. Below is a full list of all standard counseling activities. FEC outcomes and the activities that must be selected to achieve those outcomes are marked with a * with the specific activities listed in green. FEC managers may also request custom counseling activities to represent other activities that may be relevant to clients in their community. FECs participating in CFE Fund program pilots may also have access to additional counseling activities.

Open a safe and affordable bank account*

• Open new checking account*

• Open new savings account *

• Calculate cost of current financial services

• Remove error on CRA account screening report

• Address overdraft arrears

• Address frozen bank account

• Obtain CRA account screening report

• Resolve issue on CRA screening report

• Obtain identification

• Download app for banking account

• Vacate default judgement to unfreeze banking account

Use bank account actively*

• Make debit transactions regularly?*

• Use direct deposit regularly?*

• Use online or automatic bill pay regularly?*

• Make withdrawals regularly*

• Make deposits regularly*

• Use bank issued money order or cashier’s check*

• Make peer-to-peer transactions regularly? *

Increase amount set aside for the future*

• Set aside at least one week’s income for the future*

Adopt new savings behaviors*

• Set aside money automatically*

• Spend less*

• Set aside bigger amounts of money than normal*

• Make some extra money to set aside*

• Set aside money more frequently than normal*

• Convert cash to assets so it can’t be spent*

• Mentally separate spending money from money set aside for the future*

• Physically separate spending money from money set aside for the future*

• Other savings behavior*

Save for a Goal

• Save for move

• Save for car/auto

• Save for upcoming expense

• Save toward home ownership

• Save for other

• Save for emergency fund

• Save to pay debt/bills

• Save for one month of future rent

• Save for retirement

• Save for a future rental deposit

• Save for Legacy Planning

Establish credit

• Establish credit score*

• Obtain credit builder loan/secured credit cards

• Open new line of credit

Increase credit score by 35 points

• Increase credit score*

Address Credit/Debt Situation Overall

• Review credit report and score

• Address identify theft

• Review rental history to understand barriers to housing stability

• Opt out of solicitations

• Removed error on credit report

• Place a security freeze on credit report

• Develop comprehensive, manageable payment plan

• Improve terms with creditor 1

• Improve terms with creditor 2

• Improve terms with creditor 3

• Apply for mortgage payment modification

• Obtain student loan forgiveness

• Reduce medical bill

• Report fraudulent activity on credit report

• Secure credit card payment modification

• Secure a student loan payment modification

• Make a student loan payment entirely towards principal

• Create payment plan for past-due utilities

• Screen for property tax debt

Reduce non-mortgage debt by 10%

• Reduce non-mortgage debt*

Reduce delinquent accounts

• Reduce number of delinquent accounts*

Prepare for legacy planning

• Create list of assets*

• Estimate legacy planning expenses*

• Complete Trust&Will.com Preparation Document*

• Review life insurance policies*

• Review other insurance policies (disability, accident, home, etc)*

• Review property title*

• Review vehicle title*

• Organize and safely store executed legacy planning materials*

Protect Asset

• Add beneficiaries to bank account(s)*

• Add beneficiaries to retirement/investment account(s)*

• Add beneficiaries to insurance policies*

• Update property title*

• Update vehicle title*

• Execute Last Will & Testament*

• Execute HIPAA Authorization*

• Execute Power of Attorney*

• Execute Living Will*

Budgeting

• Track your income, expenses, saving and debt

• Create a budget

• Maintain a positive cashflow in the last month

• Reduce non-essential expenses

• Secure rent payment modification

• Update budget due to income change

• Create payment plan for past-due rent

Access Public Support Program

• Accessed unemployment insurance

Miscellaneous

• Submit consumer protection complaint

• Recertify public benefit

Outbound Referral

• Outbound Referral Partners