The National Urban League and Experian North America today announced the launch of a new partnership to further the mission of financial inclusion and empowerment for all. National Urban League President and CEO Marc H. Morial and Experian North America Chief Executive Officer Craig Boundy shared the news during the opening day of National Urban League’s first all-virtual Conference.
“The racial credit gap is a major barrier to Black entrepreneurship, homeownership and wealth-building,” said National Urban League’s Morial. “By utilizing a more inclusive credit-scoring model and offering other financial services, this innovative partnership will help put Black business owners, homeowners and job-seekers on a more equal footing, building stronger communities and a stronger economy.”
Through this partnership, Experian is providing National Urban League Young Professionals – a community-based volunteer auxiliary comprised of young professionals ages 21-40 – and those enrolled in one of 12 Urban League Entrepreneurship Centers with free access to their Experian consumer credit report and FICO® Score, along with the ability to potentially increase their credit scores instantly with Experian Boost™. Experian will also be offering small business tools, services, and educational content.
Based on a more inclusive credit-scoring model, Experian Boost can boost credit scores to reflect a more accurate payment history by factoring in utility bills, cellphone bills and video streaming services.
“Access to credit enables consumers the chance to reach their goals. We know that some have faced more obstacles than others through no fault of their own. Whether it’s buying a home, a car, or access to credit itself at a more affordable rate, everyone deserves the chance to achieve financial health and we’re excited this new partnership will facilitate these opportunities,” said Boundy.
Investing in communities is a key pillar of Experian’s Corporate Social Responsibility program. The partnership is part of Experian’s United for Financial Health initiative, which aims to empower and protect vulnerable consumers to improve their financial health through education and action.