Experian and Center for Financial Advancement Launch HBCU Financial Literacy Program

The CFA Credit Academy will train student credit ambassadors to promote credit health and knowledge

Almost half of all college students say money management is a bigger challenge than any other they may face, according to the U.S. Department of Education. To empower students as they embark on their higher education journeys, leading information services company Experian and HomeFree-USA’s Center for Financial Advancement® (CFA) have launched the CFA Credit Academy. More than 250 scholars from 14 Historically Black Colleges and Universities (HBCUs) will learn and train to share financial literacy, credit education and leadership basics.

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“Experian is a committed innovative partner. Understanding and mastering credit is of significant importance to the CFA Scholars. The CFA Credit Academy provides the training, tools, coaching and mentoring in a clear relevant manner that will enable the scholars to achieve their personal goals,” said Gwen Garnett, HomeFree-USA Center for Financial Advancement® Executive Director.

The HomeFree-USA 2022 Money4Life Leadership Conference kicked off CFA’s eight month program and included an orientation of the credit education program with Experian’s credit education experts. Students will gain an understanding of credit and its importance, so they can become knowledge ambassadors for their peers, family and their communities. In addition to live sessions and self-paced content, the CFA Credit Academy culminates with a hackathon competition in April, challenging all students to form teams of four at participating HBCUs to build the next best credit education program for their peers. The winning team will earn a $40,000 scholarship, sponsored by Experian.

“This program normalizes and modernizes the conversation about credit and overall financial health. Through our partnership with the CFA, we want to ensure these students are visible within the credit ecosystem for more equitable lending when they’re ready. Access to fair and affordable credit can help them, and all consumers, get a college degree, buy a car or a home, start a business, and ultimately build wealth and achieve greater financial success,” said Raudy Perez, Experian North America’s senior director for diversity, equity and inclusion partnerships.

Experian research shows there are 28 million US consumers who are unable to participate in the mainstream financial ecosystem today because they don’t have a financial identity. Credit invisibility more frequently impacts underserved communities with 26% of Hispanic consumers and 28% of Black consumers unscoreable or invisible compared to 16% of White and Asian consumers. That can make homeownership, the greatest driver of generational wealth, an even bigger challenge for underserved communities.

As part of its mission of financial inclusion and empowerment for all, Experian partners with HomeFree-USA to provide continuing education for its housing counselors and resources for their clients. The company created the Home Preservation Grant, which supported homeowners at risk of losing their homes due to COVID-related hardships with credit education and mortgage relief. Inclusion Forward – Experian Empowering Opportunities™ harnesses Experian’s data, analytics and technology to help clients provide more affordable credit access to diverse communities. The Mortgage Bankers Association recently honored Experian with its 2022 DEI Leadership Award. To learn more about Experian’s work in diverse communities: visit www.experian.com/diversity.

About HomeFree-USA

HomeFree-USA is a nonprofit started by Marcia and Jim Griffin in 1994 with a vision to close the homeownership gap. The organization gives African Americans the guidance they need to achieve and sustain homeownership, and bridges the gap between financial strength and homeownership for people of color across America.

As a HUD-intermediary, HomeFree-USA serves the diverse interests of 6.3 million consumers through its nationwide network of over 50 affiliated community-based nonprofits that specialize in guiding people to first-time homeownership, sustainability and increased financial capacity.

For more information visit: https://homefreeusa.org/.

About Experian

Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

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“@Experian is a committed innovative partner...The CFA Credit Academy provides the training, tools, coaching and mentoring in a clear relevant manner that will enable the scholars to achieve their personal goals” - @HomeFreeUSA Gwen Garnett