As a father to two young adults, I know how important it is to educate each other on financial health and the tools available to us to improve access and opportunity.I believe strongly in the transformative impact of financial empowerment, and so does Experian. Our mission of Financial Power to All™ inspires us to create products and opportunities that help individuals achieve their financial goals.
Consumer debt is at an all-time high, according to the New York Federal Reserve which reported that total household debt increased by $93 billion in the fourth quarter of 2024 to $18.04 trillion. Debt can be a significant barrier to financial stability and success, limiting opportunities, creating stress, and hindering individuals from reaching their full potential.
Recognizing these challenges, Experian is partnering with ForgiveCo, a Public Benefit Corporation (PBC), to manage the acquisition and cancellation of $5 million dollars in qualifying consumer debt for over 5,000 families in Louisiana, one of the poorest states in the United States. Having spent my childhood summers in Louisiana, I have personally seen the impact debt can have on families. Breaking down one of the barriers to financial empowerment is one of the reasons this program is so important to me.
As part of the program, we are excited to be teaming up with Louisiana State University (LSU) star athlete Flau’Jae Johnson to reach more consumers and make a bigger impact with this program, forgiving an additional $100K for every LSU women’s basketball win during the college basketball tournament. A star athlete with NIL deals, she knows the importance of managing finances and has a passion for reaching young adults with financial empowerment messages. She has been involved in other programs with us and is a great partner.
This is just one of many initiatives to help consumers and our commitment to financial empowerment extends beyond debt relief. We evolve our educational resources and products to better support the millions of members we serve, as well as underserved communities. Some of our other activities include the creation of 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, and sponsoring credit counseling for the military community with Operation HOPE.
To learn more, visit our website or hear directly from Flau’Jae below.
April is Financial Literacy Month, but for college students, money is top of mind all year round. A national survey shows that almost 80% of students are experiencing a negative impact on their mental health because of financial stress. Those concerns lead 59% of them to consider dropping out of school. This underscores the importance of normalizing and modernizing conversations around money and credit. Experian is proud to lead the way through partnerships with HomeFree-USA’s Center for Financial Advancement®. In addition to creating the Credit Academy for college students, we hold the #IYKYK Pitch Competition (If You Know You Know), which gives students the opportunity to earn scholarships and address how to share their knowledge with their peers and communities. We asked some recent #IYKYK Pitch Competition scholars what they found to be the most surprising as they’re learning about credit and finances: Remi Ore, Fisk University Forty-two percent of people are credit invisible in the U.S. and that’s interesting. Credit actually shapes their life and their future. They’re expected to build a future on top of a system like this, and yet they’re invisible to that system. How are they supposed to move forward from there? How are they supposed to get mortgages, own homes, get good jobs, and impact the community as well? That is one thing that was very surprising to me going through this journey. Sovit Lekhak, Fisk University Growing up I had a rough patch in my childhood where my family struggled with gambling addiction and financial problems. So, I was always scared of getting credit. I was scared of loans, and I was scared of paying them back. When I took Experian’s Credit Academy, I realized that getting credit is not always bad and it’s actually even necessary just to build up that profile, and that reference for the future. I think that mindset switch has opened a whole new world to me. Ayo Oyeniyi, Talladega College It was surprising to hear that when you’re done with a credit card, you don’t have to destroy it. You shouldn’t do that. That was shocking because typically when you’re done with stuff, you throw it away. But that was surprising that you have to keep it, because destroying it would affect your credit mix. That would affect your credit score. Izu Mba, Talladega College The fact that essentially credit is good. Growing up, owing money was not good in any form. So that whole idea of being able to owe to own is such a beautiful concept for me that I learned. Lakayla Chapman, Bowie State University One thing that learned and found surprising was that credit is not always a bad thing. Growing up, my mom has been really in my ear about credit. The way she came at it was that credit is a bad thing, ‘Don’t get loans, don’t do this, don’t do that.’ But I’m taking in the information that credit is not always bad. Credit can make you who you can be in the future. Aissata Sy, Bowie State University One of the shockers for me is when I learned that people our age, young adults, 18 to 24, a lot of them don’t know how to check their credit score or know where to go (to find out). Having that tool is very important. You could just be freewheeling down here and not know what your score is, and then you go to buy your car, they check your score and it’s like, ‘Oh.’ And you didn’t know. So, checking that and keeping up with that is very, very important to know where you stand.
Homeownership is a goal for many across the income spectrum; however, the goal can often feel unattainable. Rising home prices, elevated interest rates and high down payments and closing costs are significant barriers to homeownership, particularly for first-time homebuyers. We also can’t forget that historical policies and practices made it nearly impossible for minorities to buy homes in certain areas, regardless of income, prohibiting families from building generational wealth—a ripple effect that continues to impact aspiring homeowners today. While banks and other mortgage servicers offer programs to help low- and moderate-income individuals and households, including down payment assistance, these programs only scratch the surface. Homeownership is more than just a down payment and the purchase price; it’s insurance, HOA fees, maintenance and repairs, property taxes, and more. But it’s not just the financial aspect; the mortgage process itself can feel complex and overwhelming. First-time homebuyers don’t know what they don’t know. The financial services and mortgage communities have an opportunity to demystify the mortgage and homebuying processes and equip prospective homebuyers with the knowledge to better plan and prepare for homeownership. Financial knowledge is the foundation for economic empowerment Because of the stigma surrounding homeownership, many consumers don’t believe homeownership is a possibility for them. The truth is it can be, and it’s our responsibility, as an industry, to help them realize it. That means going into communities and engaging people in a direct conversation, understanding the challenges they’re experiencing, and helping them navigate them. Some of the common questions we hear include: What is a good credit score to buy a home? How do I qualify? When is a good time to buy? Knowledge is power. People welcome the opportunity to learn more about the mortgage process. Fortunately, the onus doesn’t fall on any one organization. We all play a role. For instance, at Experian, we’ve worked with programs such as HomeFree-USA’s Fast Track to Homeownership, which is designed to get renters ready for mortgage approval and homeownership. Its intermediary network oversees 53 affiliated community and faith-based housing counseling agencies across the nation. Additionally, Experian is part the Mortgage Banker Association’s CONVERGENCE Collaborative, a charitable organization designed to address the racial homeownership gap. The effort brings together various stakeholders across the mortgage industry to provide the knowledge and resources to help underserved communities achieve their homeownership goals. Financial literacy is the cornerstone of economic empowerment. Collaborating with community-based organizations, as well as non-profits, can help members of the financial services and mortgage industries more effectively reach prospective homebuyers and help them develop a game plan to achieve their financial goals. Homeownership is a pathway to financial security—but for too many, it feels out of reach. Now is the time for industry-wide collaboration to create lasting impact. Through financial literacy and equitable access to mortgage opportunities, we can build a stronger, more inclusive housing market for future generations. Related Posts
As Valentine’s Day approaches, many couples are reflecting on their relationships and the factors that contribute to their success. While love and compatibility are often at the forefront, financial transparency and communication play a crucial role in sustaining romantic relationships. According to new research from Experian, financial issues have led to the end of relationships for more than a quarter of Americans. Financial transparency is essential for building trust and ensuring a healthy relationship. Experian’s research highlights that 1 in 4 U.S. adults have faced ultimatums regarding financial improvements, and 34% have hidden purchases from their partners. These findings underscore the need for open and honest conversations about finances. Additional key findings include: StatementTotalGen Z (18-27)Millennial (28-43)Gen X (44-59)Boomer (60-78)Silent (79+)I discuss financial goals with my partner. 79%80%84%77%77%66%I have either been on the giving or receiving end of an ultimatum that finances had to be improved for a relationship to progress.25%43%36%18%11%4%I’ve had a relationship end due to my own or a partner’s financial issues.27%36%40%23%15%0%I typically spend $100 or less on gifts for my partner for special occasions.61%54%53%62%70%72%I typically spend $100 or more on gifts for my partner for special occasions.39%46%47%38%30%28%Saving money as a couple is somewhat or very important to me.93%94%93%91%93%90%I have hidden a purchase from my partner.34%34%36%36%32%20%It’s important that my partner talks to me prior to making any major purchasing decision.76%71%75%74%81%80%My partner and I have a set limit before we need to consult the other prior to making a purchase.54%73%65%52%40%24%My partner and I have a limit of $500 before we agree to consult each other prior to making a purchase.33%57%39%32%18%20% Whether you’re newly matched or in a long-term relationship, here are three ways to protect your financial health in relationships: Communication is key: Money is not meant to be a taboo topic in relationships. In fact, nearly 80% say they discuss financial goals with their partner. Make money part of your regular conversations with your partner. Set a budget: More than 3 in 4 (76%) say it’s important their partner talks to them prior to making any major purchasing decision and 54% of couples have a set limit before they need to consult their partner prior to making a purchase. This is $500 or more for 33% of couples and most couples (61%) spend $100 or less on partner gifts for special occasions like birthdays or anniversaries. Create a budget, revisit it regularly and determine a spending style that works for you and your partner. Create savings goals together: Saving money is top of mind for most and this is true in romantic relationships with 93% claiming it’s important for them to save money as a couple. Opt for date nights at home or find other low-cost ways to spend time together. Experian can also help consumers save money by cancelling unwanted subscriptions, negotiating your bills for lower rates and more. [1] For additional money-saving tips from Experian and personal finance experts, join Experian’s upcoming #CreditChat “Breaking Up with Bad Spending Habits: A Financial Detox Plan” on Feb. 12 at 3 p.m. EST on X or Threads. By prioritizing financial transparency and communication, couples can build stronger, more resilient relationships. As Valentine’s Day approaches, take the opportunity to discuss your financial goals and set the foundation for a secure financial future together. Methodology: Experian commissioned Atomik Research to conduct an online survey of 2,004 adults throughout the United States. The margin of error is +/-2 percentage points with a confidence level of 95 percent. Fieldwork took place between January 3 and January 6, 2025. [1] Subscription Cancellation and Bill Negotiation are available with eligible paid memberships and requires connecting payment account(s) to Experian account. Results will vary. Not all bills or subscriptions are eligible for negotiation/cancellation. Savings are not guaranteed, and some may not see any savings. Related Posts