Wells Fargo Team Members Trade Offices for Classrooms during its annual support of 'Get Smart About Credit'

Wells Fargo Team Members Trade Offices for Classrooms

During Its Annual Support of ‘Get Smart About Credit’

Wells Fargo to participate for the eighth year as part of

the America Bankers Association National Financial Education Program

October 15, 2013 More than a thousand Wells Fargo & Company (NYSE: WFC) team members are expected to volunteer in classrooms and nonprofits throughout the country as part of Get Smart About Credit, a national financial education program about the responsible use of credit.

“Understanding how to build credit and how to use it responsibly helps consumers make decisions that lead to financial success,” said Beverly Anderson, EVP Consumer Credit Solutions at Wells Fargo. “Making wise financial decisions is easier when you’re well informed and we want to give our customers tools to chart a path toward a successful financial future.”

The education outreach is part of the 11^th annual American Bankers Association National Get Smart About Credit Day on Oct. 17. This is the eighth year Wells Fargo has participated in the initiative, and the company is continuing to expand its participation to include schools and nonprofit organizations during the entire month of October. In 2012, more than 1,000 team member volunteers donated 4,000 hours of time to teach 1,400 credit classes that reached more than 65,000 people.

Throughout October, Wells Fargo team member volunteers will use the company’s free, online Hands on Banking/ El futuro en tus manos money management program to discuss topics such as lending and trustworthiness, credit and spending limits, credit histories and the cost of credit. Hands on Banking, which debuted in 2003, saw a 77 percent increase in traffic in 2012 with 280,000 unique visitors from more than 190 countries. The article titled “About Credit Cards” was by far the most popular.

“Promoting financial education is one of Wells Fargo’s core values,” said Angel Zapata, national Hands on Banking manager. “Credit-related education is one of the most popular subjects within our free Hands on Banking program, so we’re very pleased that we can put some special focus on it during our annual participation in Get Smart About Credit and help individuals and families learn more about how to manage their credit wisely.”

Five Steps to Strong Credit

Taking control of your finances can help you manage your money and build a stronger credit history.

1. Check your credit Report: Once a year, consumers can request a free credit report from each of the three major credit reporting agencies Equifax, Experian and Transunion at AnnualCreditReport.com or call 1-877-322-8228. Review the reports carefully and correct any errors.
2. Understand the factors that affect your credit: Your credit score gives lenders a snapshot of your credit risk. By understanding what impacts your score, you may be able to improve it.
3. Raise your credit score: Managing your credit responsibly over time is one of the best ways to improve your credit score. Five key criteria are generally used to calculate a consumer’s credit score:
   • Payment History: information about whether you’ve made on-time payments has the most impact on your score.
   • Credit Accounts: A balanced mix of different types of credit can help improve your score.
   • Credit Usage: Owing a lot or being near your credit limit on multiple accounts negatively impacts your score.
   • Length of Credit History: Reviewers check to see if you can responsibly manage credit accounts over time.
   • Credit Applications: Opening multiple new credit accounts may represent a greater risk for lenders.
4. Create and monitor your budget: A budget gives you more control over your finances and helps you eliminate unnecessary expenses.

5. Know what lenders look for. When consumers apply for a loan, lenders assess their credit risk based on a number of factors, often called the Five Cs of Credit:

• Credit history. Have you established credit and is your credit score high enough to qualify you
• Capacity. Is your income sufficient
• Collateral. Does the collateral you’re borrowing against have enough value
• Capital. Do you have assets set aside as another source for repayment
• Conditions. Does the current economy or purpose for the credit make it a risk

Wells Fargo offers a variety of free tools designed to help individuals at any life stage learn ways to manage their finances more responsibly. For more information and resources about how to use credit sensibly to achieve financial goals, visit http://www.wellsfargo.com/creditsmart.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.Wells Fargo perspectives are also available at blogs.wellsfargo.com.