Experian and Center for Financial Advancement Launch HBCU Financial Literacy Program
December 08 2022 - 9:03AM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20221208005373/en/
Matt Zaske, HomeFree-USA mattz@homefreeusa.org
Victoria Lim, Experian Victoria.Lim@experian.com
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