Latest news with #HomeFree-USA
Associated Press
05-03-2025
- Business
- Associated Press
Experian & HomeFree-USA Award $40,000 Scholarship to Fisk University Team for Solution to Bridging Credit Education Gap Among Young People
A four-student team from Fisk University took the top prize in the #IYKYK Pitch Competition (If You Know, You Know) for their business idea to make financial literacy and credit education a rite of passage for young adults, sponsored by Experian and HomeFree-USA. The four scholar team from Fisk University celebrates after winning the 2025 #IYKYK Pitch Competition (If You Know You Know) sponsored by Experian, HomeFree-USA and the Center for Financial Advancement for their idea promoting credit education to teens and young adults. (Photo: Business Wire) Nicknamed Team FinLit, Ansana Regmi, Destiny Marshall, Remilekun Ore and Sovit Lekhak earned a $40,000 scholarship for their proposal, 'FinLit HQ.' It's a personalized gaming experience for teenagers that helps them develop good financial habits and combat money dysmorphia. As they enter their early twenties, users move onto more advanced app-based credit education via gaming missions for real-world financial scenarios, such as buying books at college, renting an apartment, financing a car, and eventually purchasing a home. Because the proposed app would be integrated with Experian SmartMoney, Experian Boost and Experian Go, users would strengthen their real-life credit score as they play in preparation for making informed financial decisions as young adults. 'We realize there's a knowledge gap within the younger generation about credit. You don't give someone a car and ask them to drive on the road without any practice. You shouldn't push young people into the financial world without any education. One small mistake can impact you for years and that's why FinLitHQ is for users starting as young as 13,' said Ansana Remi, a junior computer science major from Fisk University and captain of Team FinLit. The #IYKYK Pitch Competition, powered by Experian's B.A.L.L. for Life initiative, challenged students to create a solution that makes financial literacy and credit education a rite of passage to young people coming of age, including those who are not part of the credit ecosystem. Credit invisibility – meaning without a credit report or credit score – affects 40% of consumers under 25 years of age. Credit invisibility disproportionately affects people of color: 28% of Black consumers, 26% of Hispanic consumers, compared to 16% of White and Asian consumers. The competition was the culmination of the Experian Credit Academy created for the Center for Financial Advancement® (CFA). Five hundred students from 16 Historically Black Colleges and Universities (HBCUs) came together in live sessions with Experian credit education experts and self-paced modules. Finalists from Bowie State University and Talladega College also presented their ideas live at Experian's North America headquarters and each team received a $10,000 scholarship. 'We are thrilled to see students fully embrace the pitch competition challenge. Their deep connection bridging the gap in credit education knowledge, and passion for sharing what they're learning with their communities are inspiring. At Experian, our goal is to make credit education not only informative but also fun, exciting, and culturally relevant. Seeing the enthusiasm and dedication from these students reaffirms our commitment to this mission with HomeFree-USA and the Center for Financial Advancement,' said Raudy Perez, Senior Director of External Diversity, Equity and Inclusion Partnerships for Experian North America. 'Education is designed for students, yet their voices can sometimes be missing from the process. Experian's #IYKYK Pitch Competition allows students to take what they've learned and apply it to real-life scenarios. Learning by doing is powerful, and in this experience, students deepen their understanding of credit and financial literacy by actively engaging with the material and sharing their knowledge with others,' said LuWanna Williams, University Director for the Center of Financial Advancement™. 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. To learn more about Experian's work in diverse communities: visit 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: About Center for Financial Advancement ™ The Center for Financial Advancement™ (CFA) is a solution to the industry's call for more diversity. HomeFree-USA partners with, recruits, trains and places students from Historically Black Colleges and Universities (HBCUs) into internships and careers in partnering mortgage, real estate, and financial services companies. Participating CFA Scholars are exposed to credit, money management and homeownership in order to become a savvy consumer and future homeowner. About Experian Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realize their financial goals and help them to save time and money. We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments. We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at SOURCE: Experian Copyright Business Wire 2025. PUB: 03/04/2025 07:56 PM/DISC: 03/04/2025 07:56 PM
Yahoo
24-02-2025
- Business
- Yahoo
Wells Fargo NeighborhoodLIFT Returns to Philadelphia
$5 million philanthropy effort to help families buy a home PHILADELPHIA, PA / / February 24, 2025 / Wells Fargo & Co. ("Wells Fargo") is donating $5 million to HomeFree-USA to help families buy their first home, bringing the NeighborhoodLIFT® program back to Philadelphia. In collaboration with the City of Philadelphia, Affordable Housing Center of Pennsylvania (AHCOPA), and RiseUp Fund, the NeighborhoodLIFT program will offer up to $15,000 in homebuyer assistance to eligible participants and provide homebuyer education, financial coaching, and more to help put people on a pathway to homeownership. The NeighborhoodLIFT program is redesigned to address more of the barriers to owning a home. Eligible homebuyers will have the option to use the funds for downpayment assistance, or toward paying down debt, lowering their interest rate and monthly payments, or towards closing costs. This effort is expected to help an estimated 260 eligible first-time homebuyers in Philadelphia. "We need to keep giving people opportunities so they can rise," said Philadelphia Mayor Cherelle L. Parker. "Thank you to Wells Fargo for helping Philadelphia in a very meaningful way so that our residents will be able to see more investment in their daily lives, and to give them a real opportunity to buy their own home." "Making homeownership more affordable will help hard-working people create generational wealth and strengthen Philadelphia neighborhoods," said Darlene Goins, head of Philanthropy and Community Impact at Wells Fargo. "NeighborhoodLIFT has helped thousands of people across the purchase their first home and, alongside Mayor Parker and our nonprofit leaders, we look forward to helping more Philadelphia residents achieve the dream of homeownership." "HomeFree-USA is honored to be a part of this outstanding homebuying strategy. NeighborhoodLIFT provides the downpayment support, preparation and long-term post-closing guidance needed to ensure borrowers keep their homes for life," said Marcia Griffin, founder and CEO of HomeFree-USA. "NeighborhoodLIFT aims to 'lift' more individuals and families into homeownership and our nonprofit partners in Philadelphia - AHCOPA and RiseUp Fund - will help homebuyers to make their journey home a success." About Wells Fargo Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at LinkedIn: From right: Stephen Briggs, Wells Fargo Philanthropy and Community Impact; Wells Fargo Head of Housing Access and Affordability Philanthropy Stacy Spann; Wells Fargo Head of Philanthropy and Community Impact Darlene Goins; Philadelphia Mayor Cherelle Parker; David Thomas, City of Philadelphia; Philadelphia Councilmember Jamie Gauthier; Angela Brooks, City of Philadelphia; and HomeFree-USA CEO Marcia Griffin during a homebuyer event on February 19, 2025 at the Enterprise Center. View additional multimedia and more ESG storytelling from Wells Fargo & Company on Contact Info:Spokesperson: Wells Fargo & CompanyWebsite: Email: info@ SOURCE: Wells Fargo & Company View the original press release on ACCESS Newswire
