COSTA MESA, Calif.--(BUSINESS WIRE)--As part of its mission of Financial Power to All™, Experian is relieving $10 million of consumer debt for more than 5,000 Hispanics nationwide. This initiative is happening as high numbers of Hispanics lack access to bank accounts and credit, and report feeling the least financial security compared to other populationsi.
To provide individuals with a boost, Experian has joined forces with ForgiveCo, a Public Benefit Corporation (PBC), to administer the acquisition and cancellation of qualifying consumer debt for the selected beneficiaries.
The recipients will also receive a one-year premium Experian membership for free that offers access to their Experian credit report in English and Spanishii, FICO® Scoreiii, bilingual educational content, and financial resources including an insurance comparison shopping service, help with cancelling subscriptions and possibly lowering their monthly billsiv, and credit card options tailored to their financial profile. Free and premium Experian memberships are available to consumers interested in enrolling at www.experian.com.
Those who do not have an Experian credit file established due to no or limited credit history will be able to enter the credit system by participating in Experian Go, a game-changing free program that allows individuals to directly create an Experian credit report and populate it with payment history for eligible bills, such as rent and utilities, which can potentially generate their first FICO® Score.
“Our research has revealed that some factors impacting Hispanics’ financial health are barriers to accessing credit, lack of credit history, or limited financial education,” said Jeff Softley, Group President, Experian Consumer Services. “We hope this initiative will help these families have a better chance at financial security and spread the word in the community that there are free resources from Experian available that they can utilize to reach their financial goals.”
According to a survey by Experianv, Hispanic respondents say they believe the following would help them feel less stressed about their financial situation:
- Access to more financial education (72%)
- Having a more established financial plan for my future (54%)
- Reducing unsecured debt (37%)
- More education about personal finance (33%)
- Being better informed about smart uses of credit (31%)
Innovating to meet the needs of diverse consumers
Experian has been evolving its educational resources and products to better support the more than 75 million members the company serves as well as underserved communities over the last several years. Some of Experian’s community activities include the creation of its #IYKYK HBCU Pitch Competition powered by the B.A.L.L. for Life initiative that connects African American and Hispanic youth with financial education, supporting scholarships for Asian Americans through the Ascend organization, providing custom resources for Out & Equal and Born This Way Foundation for the LGBTQ+ community, supporting the NextGen Innovation Lab for Disability:IN, serving as the University Leadership Program 2024 Spring cohort sponsor with HACE and sponsoring credit counseling for the military community with Operation HOPE, among other programs.
For the Hispanic community, Experian is a supporter of UnidosUS and its Financial Empowerment Network (FEN). Experian offers Experian credit reports in Spanish onlinevi as well as partners with Spanish-language media networks to help build awareness of its educational resources. For credit education in Spanish, Experian offers a credit e-book and consumers can access articles at the Ask Experian blog here.
Experian delivers Financial Power to All™, helping consumers achieve their financial goals through establishing and building good credit, providing access to personalized financial products, aiding them in taking control of their bills and debt, protecting them from identity theft and fraud, and saving them time and money at every stage of their financial journey.
About Experian
Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
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UnidosUS and Oportune, Second Edition Latino Banking and Financial Health Survey, April 2024 |
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ii |
Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. |
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Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more. |
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Results will vary. Not all bills or subscriptions are eligible for negotiation/cancellation. Savings are not guaranteed, and some may not see any savings. Available with eligible paid memberships and requires connecting payment account(s) to Experian account. See Experian.com for details. |
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v |
Experian survey, August 2023 |
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vi |
Only Experian credit reports are available in Spanish. All other services associated with an Experian membership are available in English only. English fluency is required for full access to Experian’s products. |
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