Financial Power to AllTM
Experian® and Flau’jae Johnson announce $5M in debt relief҂ for Louisiana families
҂Experian membership not required. ForgiveCo is administering the acquisition and cancellation of qualifying consumer debt for beneficiaries randomly selected from the debt pool. ForgiveCo is settling one outstanding account in full for each beneficiary, and not all accounts are the same size.
Bigger than Basketball
“It’s hard to create a winning financial game plan when you are stalled by debt. I am excited to partner with Experian to empower families in the state and across the country so they can become financial champions of their future.”
Why Louisiana
Our goal is to help alleviate debt and credit access disparities in Louisiana
50% of African Americans age 18+ are “very/fairly worried” about getting out of debt1
Louisiana has one of the highest unbanked rates in the U.S. at 8.1%2
52% of African Americans age 18+ indicated they are working to rebuild their credit1
About 1 in 4 African American mortgage applicants are denied3
Sources: 1Kantar 2024 U.S. Monitor DEI Study; 2CFPB Data Spotlight, Banking and Credit Access in the Southern Region of the U.S. (June 2023); 3Urban Institute analysis of Home Mortgage Disclosure Act data (August 2024)
What is Experian doing to help?
Experian is relieving $5 million of consumer debt for families living in the state of Louisiana, as part of our ongoing commitment to support communities through financial relief and empower individuals to take control of their finances. This program is championed by Flau’jae Johnson, college basketball star player for the Louisiana State University Tigers (LSU). Experian will wipe out an additional $100,000 for every March tournament win by the LSU women’s basketball team, up to $500,000.
The debt relief program is implemented by ForgiveCo, whose “random acts of kindness” model administers the acquisition and cancellation of consumer debt with no applications required, and notifies recipients through life-changing surprise letters, emails, and/or text messages.
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